Do I have the right Insurance for working from home?

Do I have the right insurance for working from home?

In Australia almost 70% of employees working for small or medium sized businesses are currently working remotely on at least a part time basis.

The global pandemic started the ball rolling and many businesses say that working from home is here to stay.

With better work life balance, reduced business expenses and employee satisfaction it is easy to see why more and more businesses are offering a flexible working environment.

However, when looking at insurance it is important to understand the challenges that may arise.


Risk Assessment:

It is important to understand that your obligations as an employer remain the same for the health and safety of your employees.

Some companies offer virtual risk assessments which can be very beneficial to ensure that you are meeting the workplace health and safety requirements.

Areas that need to be addressed include the Electrical Safety, Physical Environment & Work Related Tasks.


Will working from home affect my home insurance?

Yes.

A standard home and Contents policy will not usually provide sufficient cover to work from home.

It is important to inform your insurer if you are working from home even if only on a part time basis.

If you work from home and do not notify your insurer your home insurance may be void.


Does my home insurance cover me when working from home?

Many small business owners make the mistake of thinking that their Home Insurance policy will cover them when working from home.

This can be a catastrophic mistake with business owners suffering significant losses believing that they are covered by their home insurance policy.

If the work that you do is office work only, your home insurer may extend your policy to include the work equipment. However this would be limited to equipment only and would need to be noted and agreed on the schedule.

If you have visitors to your property in connection with your business, have employees or do manual work it is unlikely that your home insurance could be extended.


What kind of insurance do I need to work from home?

As a business owner working from home, you will need to consider the following insurances in addition to your home insurance policy :

Regardless of your situation, here at Insure Gold Coast we have the knowledge and expertise to help you find the appropriate cover for your needs.

Please note - this blog post provides information only. The content of this post, including any information contained in it, has been prepared without considering your requirements, financial situation or needs. You should consider the appropriateness of the information, taking these matters into account, before you act on any information. You should review the product disclosure statement for any product that the information relates to it before acquiring the product.

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