Working from home may have its own advantages like a comfortable lifestyle, less financial investments, flexible working timings, etc. However, even if run from your home, it is still a business, nonetheless; and every business comes with its own risks.
Now what can possibly threat your home business? Let me guess – a burglar, who steals away your laptop, money and all your pdf files with it. If you are a consultant, your suggestions, in case gone wrong, can bring damage to your client and evoke him to smoke legal fire that will smell like some serious financial loss (not to mention the harm it will bring to your reputation).
Henceforth, even if run from home, all business requires insurance to protect them from unexpected financial, asset and reputation loss. Enlisted below are some helpful business insurances for workers from home:
Business interruption insurance – As the name signifies, Business Interruption Insurance protects you and your business during any crisis such as burglary or other harm brought at the disadvantage of your business expenses. It covers the cost of your business during such emergency. Also known as business income insurance, it covers the loss of income that you may suffer after a disaster, either because of closing of a business facility or due to restoration process after the disaster.
Accidental injury insurance – Now that you are working from home, chances are Worker’s Compensation Insurance does not cover you. In such circumstances, Accidental Injury Insurance substitutes by helping you cover your medical bills, loss of earnings, or other expenses by paying for certain accidental injuries.
Income protection – Sickness can come to anywhere, anytime. In situations where you are not eligible or well enough to work due to medical issues, Income protection insurance protects your monthly returns and share of business income.
Money insurance – When you work from home, you are held responsible for all the money that is at your workplace (your home) in situations of burglary, fire, and armed hold-up. Therefore, consider insuring your money through Money Insurance.
General property insurance – People who work from home usually keep their documents in their computers, mobiles, or laptops. To get them insured becomes crucial considering that they can be stolen, lost, broken, and burnt (possibly in a house fire). Considering that are also travelling with them, you may want to get them insured accordingly. Also, take a sneak peek at machinery breakdown insurance if your computer and laptop is vital for the business.
Tax audit insurance – An audit by the Australian Taxation Office might be an unwelcomed visit, but you can at least take out a policy to cover your accountant’s fees.
Select Insure, Australia offers the best Business Risk management by a comprehensive Business Insurance solution.