Working from home is becoming ever more common and can offer a great work/life balance by letting you to do what you love – but from the comfort of your home.
The easy part of starting to work from home is getting all the essentials in place to make sure you’ll be productive. From having a suitable space in your home to work in, to having a comfortable desk or table for your workstation and easy access to any items or work tools you might need. You might even be lucky enough to have a furry colleague in the shape of a pet to keep you company.
With your attention set on getting the work at hand done, there’s one thing that might not have crossed your mind yet. That’s whether your home insurance covers you, or if you need to think about business insurance.
More time at home invariably equals more chance of home-based accidents – think cups of tea precariously perched near your laptop, for example.
As a home insurance policy might not cover your working from home requirements, we’ve outlined some guidance below. So, you can work safe in the knowledge that you’re suitably covered while you keep the economy going. Even if you’re doing so from the comfort of your bed in your pyjamas - just remember to turn off your camera on those Zoom calls.
Am I insured to work from home?
Home insurance policies often offer you three options: buildings insurance which covers the structure of your home, home contents which ensures the value of everything in your home or a combined building and contents insurance which covers both contents and structure.
You’ll find that most insurers will cover laptops and printers as standard in your home content’s insurance. But if you’re using your own laptop or printer, it’s best to let your home insurer know that you’re using your own equipment for business use. This will make sure that you have appropriate cover. The last thing you’ll want is to risk loss of earnings if your laptop decides to pack in half-way through a job.
If you’re using company equipment, then your employer should have the equipment insured through their business insurance for use outside of office premises.
Sainsbury’s Bank Home Insurance covers business equipment. This includes all computers and home office equipment mainly used for business, trade, or a profession. But it excludes stock, money and documents which are used for office business when you’re in your home. For these items, you might want to think about business insurance while working from home.
Do I need business insurance to work from home?
If you’re an employer and working from home, you’ll want to be clear that you’re covered by your company’s employer’s public liability. This protects a business, or an employer, against compensation claims or legal costs if an injury or third-party damage occurs.
Are you a flexible freelancer or a self-employed business owner? Even when working from home, business insurance can cover a range of protection, from public liability, employers’ liability and buildings/contents insurance of your premises/property. It usually also covers professional indemnity, which protects you in the event your services cause harm to a person or their business.
Choosing the right level of cover will ensure the best protection for you and your colleagues.
Do I need business use car insurance?
If you use your own car for business, make sure your car insurer is on-board too. Standard policies don’t usually cover business use, so save yourself any unnecessary stress and get covered. Find out more about Sainsbury Bank’s Car Insurance protection to make sure you have the right type of insurance.
Working from home insurance cover
Now it’s time to make sure you have all the essential insurances in place to protect yourself and your business. If you’re working from home, get in touch with your home insurance provider to let them know. They’ll be able to tell you what your policy does and doesn’t cover and any necessary steps you might need to take next.
The Association of British Insurers also has useful up to date information about home insurer policies and working from home.
And, best of luck with home working. We hope your career flourishes and your insurance policies remain purely a precaution.
This Money Matters post aims to be informative and engaging. Though it may include tips and information, it does not constitute advice and should not be used as a basis for any financial decisions. Sainsbury's Bank accepts no responsibility for the opinions and views of external contributors and the content of external websites included within this post. Some links may take you to another Sainsbury's Bank page. All information in this post was correct at date of publication.