Telework, which started in force during the Covid-19 pandemic, isn’t going anywhere anytime soon. With the rise in work-from-home jobs, as well as home-based businesses, it’s crucial to make sure that you have the right insurance plans in place. After all, a standard home insurance plan may not cover the employer’s computer, any related equipment, or those items required to run your home-based business. Instead, you’ll need to have a plan that covers these things for all possible contingencies, from a house fire to wind, rain, or other storm damage.
Wondering what kind of coverages your business would benefit from? Here’s what you need to know about your home-based work insurance options.
General Liability Insurance Plans
Remote workers and their equipment can be covered by a general liability insurance plan. You can purchase this insurance in a package along with your standard business insurance policy, but you can also choose to get special policies designed solely for remote workers. Another option involves having your workers buy these policies as a part of their home insurance and reimbursing them for it as a part of their compensation package.
Workers’ Compensation Insurance
Even though your employees work from home, they still run the risk of getting injured on the job. Employees can accidentally drop a computer onto their foot or slip and fall while racing to get to that video call on time. Accidents happen. These are just two examples of potential employee injuries on the job, making them eligible for workers’ compensation insurance. Having one of these plans may be required, based on the state that your remote employees reside in, so make sure to check the regulations to ensure that you’re in compliance.
Consider a BOP for Your Home Business
Home businesses require many of the same insurance policies as standard companies. Although you work at home, your homeowner’s policy may not cover all of the business-related equipment and other things, so consider getting a BOP, or Business Owner’s Policy. These insurance plans consist of a number of bundled policies, such as building insurance for your home office or business space, a general liability policy, and more. They are all designed to give you the necessary peace of mind.
Professional Liability Insurance
Another option is professional liability insurance. These policies are designed for home-based or small businesses that provide goods and services to others. For example, if you run an accounting firm, you’ll need to have coverage should something go wrong with your client’s tax return. Other businesses, like those that specialize in wedding photography or event planning can benefit from the protection provided by professional liability insurance as well.
Need Insurance for Your Remote Workers or Your Home-Based Business?
Are you ready to ensure that your company’s equipment is properly protected, even when most of your workers are remote? Is your home-based business in need of the right insurance plans? If so, please contact Spivey Insurance today. Our knowledgeable agents can answer any questions and make sure that you have the right coverage in place. Contact us today!
