Remote work has become a permanent fixture in our lives, changing how we approach our jobs and daily routines. As more people set up offices at home, it’s important to consider how this shift impacts insurance coverage. Many homeowners and renters insurance policies provide basic protection for personal belongings, but they might not cover everything related to your work-from-home setup.
One major concern is that standard insurance policies often limit coverage for business equipment. If you rely on high-value items like laptops or specialized tools for your job, you might not get full reimbursement if they are lost or damaged. To address this, you can look into home-based business endorsements, which can enhance your coverage, or consider a Business Owners Policy (BOP) if you run a business from home.
Liability risks also change when you work from home. Personal liability coverage typically protects against incidents involving guests, but it doesn’t usually cover business-related visitors. If a client or delivery person gets injured while on your property, you could face significant liability. To protect yourself, you might want to consider general liability insurance, which can help with claims related to business activities, or professional liability insurance for issues related to your services.
If you use your personal vehicle for work, such as running errands or attending meetings, you should check your auto insurance policy. Accidents that happen while you’re working might not be covered under a personal auto policy. Options like hired and non-owned auto coverage or a business use endorsement can help fill those gaps.
Cybersecurity is another critical area to consider. With many people working online, the risk of cyber threats has increased. If you handle sensitive client information or store business files on your home network, you could be vulnerable to data breaches or cyberattacks. Cyber liability insurance could help cover the costs associated with these incidents.
For employees working from home, workers’ compensation still generally applies if you’re injured while working. However, if you’re self-employed, you may need to purchase your own workers’ compensation policy, depending on your state’s regulations.
Given that each work-from-home situation is unique, it’s wise to talk to an insurance agent. They can help identify potential gaps in your current coverage and suggest any necessary endorsements or additional policies. This ensures that you are adequately protected and compliant with any legal requirements.
As remote work continues to evolve, reviewing your insurance coverage is essential. If you’ve shifted to working from home or expanded a side business, now is the perfect time to ensure your insurance meets your needs. Reach out to an independent insurance agent to discuss your situation and make sure you’re covered for what matters most.