Home Office Insurance
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What is home office insurance?
Having a home office can make working from home a much simpler experience. Whether you are a full-time home-based worker, or simply use your home office for occasional tasks, it’s important to make sure that you have the right business insurance.
When it comes to home office insurance, there’s a lot to think about. Not only should you protect the contents and equipment in your study, but you’ll also need to think about protecting any staff or clients who might be visiting too.
Who needs it?
The term ‘home office’ could be applied for any number of very different types of businesses. Running a beauty therapy business where clients visit your home is very different from working as a freelance salesperson, for example.
The best way to work out if you need to get the cover is to think about the types of risk you may be dealing with in the running of your business:
Home office contents insurance
If you rely on expensive office equipment like computers, printers or scanners to run your business, it’s important to have the right insurance in case you need to replace these items. If you are the victim of a burglary and your office contents are stolen, your standard home insurance policy may not cover these losses.
Public liability cover
If you receive visits from customers or clients at your home office, it’s a good idea to take out public liability cover. This protects you financially in the event that a third party is injured, or their property damaged whilst on your premises.
For example, if a client visits your home office and trips on the step, injuring their ankle, you could find yourself defending a claim for compensation. Public liability insurance will cover your costs in these cases.
Business interruption insurance
Many home-workers also take out business interruption insurance as part of their home office cover. If your home office is unusable for any reason, which means you are unable to trade or work you could be left significantly out of pocket.
Business interruption insurance covers you for lost income and any increased costs associated with working, for example, if you had to rent temporary office space.
Professional indemnity insurance
Many self-employed home-workers take out professional indemnity insurance. If during the course of your work you provide a service or advise a client in a way which subsequently harms them financially, or causes them a loss, then you could be held liable.
Professional indemnity cover provides you with a financial safety net if anything goes wrong professionally.
Will my home insurance cover my home office?
Most home insurance policies will exclude any area or contents associated with business use, so it is wise to speak to your insurer about specialist business insurance for your home office.
Do I need home office insurance if I am employed by a company but work from home?
Some businesses may provide business contents cover to employees expected to work from home as standard. This may cover company property like laptops or phones, so check with your employer what is included before taking out a separate policy.
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