Working from home used to be everyone's ideal dream job. In the past few months, many people have gotten the opportunity to live that dream. While the convenience of working from home awards several benefits, there are also many challenges when it comes to earning money from home and finding the right balance between home and work environments. One of those challenges has to do with insurance and how working from home may force you to rethink your current insurance situation.
Does Home Insurance Cover Work From Home?
Your
home insurance covers specific things related to your home and the personal property you use during the course of your day. However, in most cases, it will not cover any property or items that are used solely for your business or work-related activities.
When people transition from a traditional workspace to a “work from home” environment, they will often designate a specific area of their home to be their new office. This new “office” is set up for work and will not be a place where family activities are allowed. Having a special business policy in place will protect your assets even though they are located inside the family home.
The Differences Between Home Insurance and Insurance for Working From Home
While the area is inside the home or on the property, a separate business policy is needed to ensure that all of the holdings of the business, as well as any possible liability, is thoroughly covered. Even though your office or work area is in your home, the items are used in a different capacity and cannot be covered under your home insurance.
Business policies are written to protect specific interests when it comes to both property and liability. This means that if something is damaged or an event occurs that involves liability, only the business is affected. It is the responsibility of the business policy to replace damaged property or protect the business financially if an accident occurs. Business policies include coverage for various types of business as well, including private contractors or employed staff members.
How Does Working From Home Affect Homeowners Insurance?
If you work for a company that is giving you the opportunity to work from home on a temporary basis, you may want to speak to them about what coverage they can offer you. Many of your employee benefits will still be in place. This includes your insurance. They may be able to assist you in getting the temporary coverage you need to protect yourself and your belongings while you are working outside of the office.
Independent contractors who may have been forced to close a business location and move their office back to their residence may find it more difficult to figure out the subtle nuances between home insurance and business insurance. This is where consulting your insurance agent can literally save your business and give you peace of mind.
Is Working From Home Worth It?
Once you determine that working from home is a beneficial option for both you and your family, your next step is to protect yourself and your company by purchasing a home insurance and business insurance policy that allows you to work from home without the hassles of worrying about your coverage.
Working from home allows you to be available to your family as well as operate your business whenever it is most convenient. You are in control of both your work and home on a 24/7 basis. With the right home and business insurance policies in place, you will have everything you need to maintain your peace of mind and keep your business running smoothly.
Protecting your home and business interests with the right type of insurance policies should always be your main priority. For assistance with all your coverage needs, contact the experts at
Fuller Insurance in Southern California today. We have the knowledge and experience you need to protect both entities and give you the reassurance that the time you spend working from home is both valuable and rewarding.
