Working from home insurance: Is your business covered?

It’s a new world of risk exposures out there, isn’t it? So many new worries and we as trusted insurance advisers have to be on point more than ever.

With all the global disruption over the past two years, it’s now commonplace for employees to be working from home. People may be working from home for a few days a week or, in many industries, on a full-time basis. This means employees would have their employer’s contents at their place of residence.

Businesses should consider and notify their Insure 247 broker when the have employees working from home, and what amount/type of business contents have been removed from the main location and time period?

 Its important to note:

– Under most business contents insurance policies, Temporary Removal benefit (and just Property only) is probably not adequate due to the 90 days restriction (or less in some cases).

–  Some insurers have new Working from Home benefits but will only cover for Property damage, so you need to be careful of the wording and its application

– Be careful of what contents have to be specified, as some insurers require computer equipment to be specified.

In this ever-changing landscape for many business owners, we hope to see a standard insurance wording solution be developed by the insurance industry to fully cover this exposure.

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