How having clients come into your home affects your insurance
Working from home can be a great way to structure your work life. If you have children you are able to spend more time with them, you save yourself from a lengthy commute, and you retain the comfort of being in your own home! However, working from home, especially if you having clients coming to see you, can pose a bit of an increased risk when it comes to your insurance.
Your home office
If you have a home office with any sort of specialized equipment, be it a fancy computer set up, or an at home hairdressing salon, you are going to want added insurance. While yes, your home office is, well, in your home, your existing home insurance may not cover everything related to your business. Thankfully, the vast majority of insurers offer home insurance add-ons for those conducting their business from their homes, covering that which your standard home insurance may not.
If you not only utilize an area of your home as an office, but also invite clients into your home, you must adjust your insurance accordingly. Bringing clients into your home increases the level of risk that your policy holds and requires a higher level of liability coverage. If a client is hurt on your property, you are responsible; therefor it would be your liability insurance to cover the cost of any damages, personal injury, or legal fees. If you are unsure whether or not your workspace constitutes as a “home office”, or if you should get added insurance for the space and any incoming clients, speak with your insurance broker, they are here to help you.
Be honest with your insurer
If you are using your home to conduct any sort of business with clients, it is important to disclose that information to your insurer. Lying to your insurer about something that can affect the risk level of your policy could lead to a number of negative ramifications for you. If you fail to inform your provider that you use your home for business purposes and you need forth a claim for something involving your home office or a client, your claim will be denied. This could leave you paying for any property damages, and any personal injury or lawyer fees out of pocket. In addition, your policy could be cancelled and future applications for coverage could be denied. If you are unhappy with the options your current insurer is offering you regarding your home business, then it may be time to shop around for a new property insurance provider.