Many employees working from home are at a disadvantage when it comes to insurance. That’s because many companies do not consider employees outside the traditional office in insurance plans. So, If you work remotely with a company, you may enjoy little or no insurance coverage like someone who is in an office. Note that remote work and work from home are used interchangeably throughout this article.
However, there is no doubt that work-from-home jobs are relatively autonomous and in most cases very flexible. So, overlooking insurance can be very easy. Maybe because there is no all-in-one insurance cover for work-from-home workers, and or spending more time in pleasure than securing your future.
Whether you are a self-employed remote worker(freelancer) or company employed, you need insurance cover. Typically, a self-employed work-from-home worker should be responsible for its insurance cover while the company for an employee.
There are some things to keep in mind when it comes to working from home insurance for employees. As a freelance worker from home, one way to ensure that you have adequate insurance coverage is to have a policy that covers both your home and your office. This way, you will be covered if something happens to either one of your locations. Another option is to have a policy that specifically covers your work from home.
For a work-from-home employee, first, make sure your company has an insurance policy that covers working from home. Second, make sure your policy covers any accidents or injuries that may happen while you are working from home. Finally, make sure you have appropriate liability insurance in place in case something goes wrong while you are working from home.
Insurance For Freelancers (Self-Employed) Working From Home
The outbreak of covid 19 pandemic and its resultant lockdown saw an increase in working from home. More and more companies are turning fully or a section of their workforce to remote work. And there is not enough policy regarding working from home because it’s a relatively new trend.
Besides, most business insurance plans are not clear about working from home insurance for employees. That is why it can be easy for a freelancer to forget about insurance as if it doesn’t apply to freelancing. But, do not allow that to stop you from protecting your business from unforeseeable danger.
Insurances Freelancers Working From Home Should Consider
As a freelancer working from home, you should evaluate your daily activities to understand the different kinds of risks associated with your business to be able to choose the best suitable insurance cover. However, there isn’t an all-in-one insurance cover for remote workers/businesses. Every business insurance plan has a different policy. So, below are some insurance plans you should consider if you work from home.
A Homeowner’s Insurance is one of the very insurance covers employees working from their own homes should consider. However, the homeowner insurance policy may not cover all your business properties. You should check your current policy, if it does not cover all your important business equipment, increase the coverage. Because to replace any stolen or broken equipment paying from your pocket may affect your business as a freelancer.
General Liability Insurance
General Liability Insurance is any other insurance cover that should be considered as a freelancer because you come in physical contact with people in your home office probably every day.
So, you need a general liability insurance policy to protect against financial costs associated with physical product damage or if a customer suffers injury in your office.
For instance, if a customer visits your home office and breaks his/her phone, or slips and falls and injures themselves. You may be responsible because it’s a part of your business activities. Moreso, it’s presumed as a consequence of your workplace negligence.
Professional Liability Insurance
Professional Liability Insurance, also known as Errors or Omissions Insurance, is essential for freelancers offering professional services.
It helps you protect against financial losses your client may incur as a result of your work, decision/indecision, or underperformance.
Your Professional Liability Insurance will cover legal counsel, defense, and any financial consequences that result from your actions.
Since the internet has become our everyday activities, we use our sensitive information online, which needs some protection to avoid risking our fortunes.
Credit cards, Driver’s licenses, and social security numbers(SSN) are some of the sensitive information we need to protect in case of a data breach or cyber attack.
A Cyber Insurance policy will cover your losses should you fall victim to a data breach or cyber attack.
Health And Life Insurance
A self-employed freelancer should make a health care plan for his/ herself. Because many health issues can come unexpectedly, and if you have no plan on grand, and you fall sick and you are not able to work, you may go bankrupt if you are sponsoring your healthcare from your servings.
The best way to protect against bankruptcy that may come from an unforeseeable health issue is to save on medical and dental by investing in a personal health insurance policy. When choosing a health plan, you should ensure that it covers you in case of disability also.
Insurance For Freelancer Employees Working From Home
While many companies do not include their remote workers on their insurance policy plan, it’s mandatory in most states for companies to have compensation and insurance plans for all their employees. Below are some of the insurance covers you may watch out for from your company as a freelance employee.
Workers’ Compensation Insurance
Workers’ compensation insurance provides benefits to workers who are injured or become ill as a result of their job. The benefits include medical expenses, income replacement, and death benefits. Workers’ compensation insurance can be expensive, but it is a vital insurance policy for workers and their families. These insurance benefits apply to both home-based and in-office employees. However, it may not cover a remote worker during its launch or break.
Extended Liability Insurance
Extended liability insurance is a type of insurance that provides coverage for third-party claims against you and your business. This insurance is for businesses with operations that can result in injuries or damages to things or others.
An extended liability insurance policy provides coverage for injuries to employees, customers, property damage, contractual obligations, etc. The policy may also provide coverage for judgments and settlements against you and your company.
An extended liability insurance coverage can be tailored to meet your specific needs. And the policy can include limits on both financial and personal liability.
We have discourse enough about insurance cover for working from home, and by now, if you don’t know before, you should know that it’s necessary to have an issuance cover as a remote worker, whether you are self-employed or hired. Life is full of uncertainty, so we should be prepared for the twists and turns of life with an appropriate insurance plan as a freelancer.
If you work for a company, you should ensure that the company insurance policy plan covers you as working from home employee. Ensure that your company’s standard insurance policy sufficiently covers your unique remote job. If not so, consider supplementing or adding some of the insurance plans that cover your unique remote jobs. Your type of remote work and your relationship with clients will determine this.
If you have clients coming to your home office, you need to have insurance cover that caters to them while in your office.
For instance, if a customer damage one of your networking equipment on a visit to your office, there should be insurance to cover such expenses instead of having the customer pay.
I think we have said a lot. Here is some hot topic on work-from-home jobs you may like to know below.