A massive number of American workers are remote working more than ever before. Amid the coronavirus pandemic, businesses have enforced home working to help everyone stay safe. While some have returned to work, others are still leveraging home working. For some, they have taken a leap of faith and started their own business from the comfort of their home and are using the pandemic as a diving board from which to jump.
With so many Americans working from home these days, many are left wondering how their insurance works. Mistakenly, many are under the impression that their personal home insurance policy will cover them if anything happens. This is simply not the case and, often, special coverage is needed when conducting business from the comfort of your own home.
With that in mind, it’s essential to consider insurance coverages that can help when you’re working from home.
Insurance to Consider When Working From Home
General liability insurance
A general liability insurance policy is there to help if a customer or passerby gets hurt or property gets damaged during the course of your work. If a vendor comes to your home to discuss business, and then accidentally gets injured on your property, this insurance can step in to help pay for their injuries and legal fees if they decide to sue. Since your personal home insurance policy may not cover this situation because the vendor was there on business, you will need a commercial policy to protect you.
Professional liability insurance
If a client believes that you didn’t complete the job or you did it incorrectly, your mistake could end up costing you thousands if they decide to sue. A professional liability insurance policy will step in to help during these situations, protecting your brand and your pocket. You need this business liability insurance policy, whether you operate from an office or your house.
Commercial auto insurance
If you use your vehicle for business-related journeys, whether it’s delivering goods, hauling tools, or sending out employees to pick up items, it’s essential that you secure a commercial auto insurance policy. Your personal auto insurance policy will not cover business journeys, but a commercial auto policy will.
Business owners policy (BOP)
In some cases, it may make the most sense to secure a business owners policy, otherwise known as a BOP. This is a handy package that covers a range of insurance policies that business owners can carry a single policy. It includes protection for your business equipment, office furniture, and general liability. Depending on the policy you choose, you may also be able to add coverage for profit interruption, which can help you recover lost earnings when your business is interrupted by a covered event.
Look into which policies you can benefit from as a business owner working from home. With the right insurance agent, you can secure coverage and have peace of mind that your company is well protected. Even when the pandemic fades into the background and we return to normality, it is essential that your business is safeguarded from all sorts of disasters and events that could set you back.
Despite working in the comfort of your own home, the right insurance is needed to protect the livelihood of your business that you’ve worked so hard to get off the ground.
Talk to a professional to ensure your business gets the right protection in place today. For a commercial insurance policy to suit your business at the right price, contact the team at Humble & Davenport Insurance today.