During the pandemic, thousands of professionals had to adapt quickly to working from home. Since then, many have chosen to continue working remotely, enjoying more flexibility and work-life balance.
However, for both businesses and professionals, remote working presented lots of new challenges and lots of new things to think about. One such area was insurance, how businesses could cover themselves and their workforce, and whether home insurance was enough to protect professionals working from home.
If you’ve not given your insurance much thought, we’re here to help. In this guide, we’ll clear up any confusion about insurance for remote workers and how professionals and businesses can protect themselves.
So, read on to find out more.
Home insurance and working from home
If you’ve found yourself working from home full-time, or even a couple of days a week, it’s important that you understand your home insurance policy and what is protected. Typically, home insurance will cover damage to personal property, but you need to double-check whether professional business property is also covered in your policy.
There might be some cases where your work equipment and space are already covered; other policies may only offer partial cover and some none at all. For example, if a professional damages work equipment at home, the insurance policy may only be liable to pay a percentage of what the equipment is worth.
So, for those professionals that are working from home, it’s crucial to get an insurance policy that specifically covers work-related equipment. After all, you don’t want an accident to leave you out of pocket.
Protecting your equipment and workspace
The type of insurance you need might depend on whether you’re employed or self-employed and the types of services you provide. But in most cases, remote workers will have at the very least a laptop or monitor, desk, sound system or headphones that they need to protect. You may even have a lot more expensive devices that need covering.
It is therefore recommended that these items are specifically listed as protected by your home insurance. Often, this requires you to do some research and shop around until you find the right home insurance and/or home contents policy for your circumstances.
Contents insurance means that if your belongings are damaged, lost or stolen, they can be replaced. Your home insurance, however, will protect the building itself (as well as some of your belongings). This could be vital if you ever need emergency call-outs. For example, if you need to call out an electrician because the power is out, your computer is damaged and needs fixing, or perhaps even that you’ve lost your keys and can’t get in the building.
So essentially, what we’re saying here is that home and content insurance as standard won’t always cover your equipment or office/working space. So as a remote worker, it’s vital that you understand your current policy and that you ensure you cover yourself for all eventualities.
What about renters insurance?
If you rent the property that you work from, you might be concerned about whether or not you’ve got the right cover. Although renters insurance is designed to provide similar cover to that of home insurance, these policies often don’t include structural coverage. This could leave you in a sticky situation should something happen like a burst pipe or a power outage.
That being said, your landlord should have this covered. So, if you’re working from a rented space, it’s a good idea to get in touch with your landlord to see what policies they have in place and how you can reach out for emergency support if there is an issue. Then all you have to focus on is making sure you have an insurance policy that covers your personal and professional belongings.
What if you’re a remote worker that doesn’t work from home?
Remote workers don’t always work from home. Some work from cafes or shared workspaces, and some travel a lot for their job. Digital nomads might travel the world, working as they go. So, how do you protect yourself as a remote professional who doesn’t work from one fixed location?
Well, if you’re travelling a lot, you might be able to get a certain level of cover through your travel insurance. But again, always shop around for comprehensive policies that are going to cover your equipment.
For those who work remotely on occasion or perhaps use shared workspaces from time to time, you could simply make sure your individual gadgets are insured. Gadget insurance has sky-rocketed in popularity over the last decade, with many of us having smartphones, tablets, laptops, smartwatches and more that we use on a daily basis.
Gadget insurance is specifically tailored to cover the cost of replacing or repairing your devices if they are lost, damaged or stolen. It can also help to protect against mechanical failures, something that most busy professionals don’t have time for!
So, if you’re a remote professional that likes to work from different places or that travels a lot, make sure you consider whether or not your equipment is covered. Travel and/or gadget insurance could be the answer in this case.
Are employers liable for remote workers?
Many businesses ensure their employees are covered by their business liability insurance as well. This means that if company property is stolen or damaged, the employee doesn’t have to pay out. This could also extend to employees’ physical health in case someone is injured on the job.
That being said, since there are so many different policies, employers need to be sure to get comprehensive business liability insurance policies in place. They must also understand their policy, what is covered in terms of remote workers and the protection the business is offering them. This way, if the policy does not offer enough cover, they can advise their teams to ensure they have the best possible home, contents or gadget insurance.
If your company hires contractors — even if they’re employed remotely from overseas — it’s still possible to offer them benefits such as health insurance and cover the costs through stipends. This is particularly beneficial if you’re hiring a contractor in the US, for example, where there is no universal healthcare.
Want to know more about offering health benefits to international contractors? Check out Remote’s guide to benefits for international contractors.
What about my freelance business?
Finally, while lots of full-time employees are covered either by their employer or their home/contents insurance, this isn’t always the case for freelance businesses. Unfortunately, self-employed professionals with sole proprietorship and no employees aren’t protected by company plans. This means that often work-related claims can be dismissed or receive a smaller payout.
If you are a self-employed, sole trader, even if it’s just part-time or a side hustle, you need to make sure you are covered with a good, comprehensive insurance policy. Do some research and be as specific as possible about the work you do. This will help you to get the best cover.
