Home Office Insurance: Home vs Home Business Cover

Who wouldn’t like to work from the comfort of home? No tedious commuting daily, no overheads of a full blown office, flexible working hours. But along with designing a nice office in your home, have you taken out insurance for this office?

Just as important as it is to have home insurance, it is equally important to get your office insured. While going through your home insurance quote, you can assess what things are covered in your homeowners policy and what additions you will need for the home office. It will help you decide whether you need separate insurance for your home office or if your homeowners insurance is enough.

Why Get Insurance?

But why is it so important to insure your home business? For many home businesses, the biggest costs are tied up in equipment such as laptops, desktops, printers, and other devices you rely on day to day.

An office in your home can also mean more visitors, deliveries, and higher activity. This can increase the risk of theft or accidental damage to equipment or stock. The right insurance can help ensure your business property is covered.

Having valuable assets insured may help you keep operations running in the event of damage or loss.

One common gap is that home insurance may place limits on business equipment, exclude business stock, and not cover public liability if a client or supplier is injured while visiting your home for business reasons.

Which Policy?

While buying your home office insurance, you need to evaluate what coverage your home insurance provides to you. Some homeowners insurance offer limited coverage for business equipment and damage. But this can vary from insurer to insurer, and you need to confirm this from an insurance provider, such as NRMA.

There are some insurers which also provide a combination of homeowners endorsement and business owners policy. Coverage may include liability insurance, destruction or loss of office property, and loss of data and papers. If you want, you can purchase a separate office insurance policy that will cover specific needs; for example, an office insurance policy to protect against the damage or loss of essential business assets.