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 an 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 a separate insurance for your home or if the homeowners insurance is enough.
Why Get Insurance?
But why is it so important to insure your home business? Studies have shown that the highest expenses self employed people are from equipment, which includes laptops, desktops, printers, fax machines, etc.
An office in your home also might mean more visitors. This can increase the risk of theft of your office stock. A home insurance policy will ensure that your stock is completely covered.
Having valuable assets insured may help you keep operations running in the event of any damage or loss.
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.
Just having a well designed home office, an impressive business website and a growing business bank account is not enough. To be a successful entrepreneur over the long term, business security is also vital. Having your home office insured could prove to be the wisest investment for you.