Home Business Insurance: Policies You Need When You Work At Home

All businesses require insurance, no matter the size of your business or in what industry you operate. The right type of insurance gives you the peace of mind that your assets and your future are secure. The harsh reality is that disaster could easily strike at any moment and, if you’re unprepared, force you to shut your doors. Insurance policies represent the best way to mitigate the risk of unforeseen damage. Here are the different types of home business insurance that you’ll need if you work from home, depending on your situation.

Home Contents Insurance

Home contents insurance is something all homeowners should take out whether they work from home or not. This type of home business insurance will cover furniture and other items against damage, loss, and theft. These can include anything from your computer to your clothes to your furniture. A lot of policies even cover home office equipment up to a certain amount. Nevertheless, note that if you have any specialist items, you may need to look for more comprehensive contents insurance.

Public Liability Insurance

Are people going to be visiting your home for business purposes? Perhaps you are going to hold meetings in your office, or you may have customers pick up something they purchased online. If so, it is wise to invest in public liability insurance. Although it is not compulsory, it will protect you if someone claims for any damage or loss that occurred on your property. For example, you’re covered if someone gets injured at your house.

Employers’ Liability Insurance

Unlike public liability, this type of insurance is a legal requirement if you have any employees. This insurance protects you against compensation costs if any employee makes a claim due to an injury or illness sustained at work.

Professional Indemnity Insurance

A lot of clients probably will not agree to do work with you unless you have professional indemnity insurance. PI insurance or professional liability insurance protects you if a client sues your business for providing a negligent service.

Building Insurance

Building insurance will protect your home in the event of a flood or fire. If cost is a concern for you, it’s usually cheaper to find a policy that covers both your home office and your home.

In order to give yourself peace of mind as a business owner, make sure you have adequate insurance coverage, no matter if you are running a start-up out of your garage or have a side-gig for extra cash. Your insurance agent can help you find exactly what you need, no matter your situation.