Although working from home can be a great way to have a better work-life balance, it remains a relatively unexplored area for businesses when it comes to insurance and liability.
As a contractor working from home, it is essential to ensure you obtain the right cover for your business. Also, keep in mind if you have home and contents insurance, in many cases it
may not cover home-based businesses. Therefore, when getting your cover, ensure that it also protects you from incidents, such as natural disaster, theft or fire.
When it comes to office furniture or computer equipment you use at home for your business, not every insurance policy will cover tools of the trade. Talk to your insurer and request a
cover for your business assets.
Things to consider before working from home
Regardless of which industry you are a part of, as a contractor, you need to ensure that your work area at home meets occupational health and safety standards. You can do it by
organising an inspection of the work area and assessing any tripping hazards and risks, electrical safety and identifying access to fire exits and first aid.
As a contractor, it is important to remember that conducting your business from home still involves similar tasks to what you would be doing from the office or on the go. Consequently, insurances such as Professional Indemnity Insurance may be crucial to have to protect your business from financial losses. Professional Indemnity Insurance is designed for professionals who provide a particular skill or advice as a service. It protects your business in an instance where your client suffers financial losses after following your advice. If you find yourself liable in such cases, Professional Indemnity Insurance will help you cover the costs according to the insurance policy.
Protect your property and equipment
Even though you are at home, you are still performing work tasks. As we mentioned earlier, home and contents insurance does not cover your business equipment, so if it gets damaged or broken, you may be out of pocket for all the repairs. Consider obtaining Equipment Cover to protect your tools and general equipment. Therefore, any items you rely on for work will be covered in case of any damage, breakage or theft. Keep in mind there may be exclusions in case you have a pet, children or a smaller workplace that could result in damage to the equipment. Our insurance brokers at Contractor Cover take every detail into consideration, so you can have peace of mind knowing that your office contents are protected.
How we can help
At Contractor Cover, we can discuss with you what insurance packages are available based on your needs. If you have a contracting business and are working from home, our expert insurance brokers can advise you what level and type of cover you need. You can request a quote now or contact one of our highly trained professionals who can guide you through the whole process of obtaining the right insurance to protect you while working from home.
To find out more call Contractor Cover on 1300 GETCOVER (1300 438 268) or email info@contractorcover.com.au.
