May 2024
Between home-based start-ups and hybrid working within companies, home owners and renters alike may need to think about the impact this may have on their insurance policy.
Working from home can be a great way to save money while taking those first steps in business. But is there a difference in insurance for home-based businesses versus commercial office space? And what kind of insurance do you need?
Does a Home-Based Business Need Special Cover?
The answer depends very much on what kind of home-based business you’re operating. You may require additional types of insurance coverage for particular business activities.
What is Covered (and What Isn’t) When it Comes to Working From Home?
Home insurance generally covers individuals working from home, whether lone workers or as employees of a business which offers hybrid working.
An Allianz home insurance policy, which includes contents cover, automatically covers home-office equipment up to €4,000.
Personal office equipment, like computers, laptops, scanners and printers used as part of your job are generally covered under the contents of your home, if this is not already covered by an employer. But if you take your laptop outside the premises, it’s no longer covered. If you work between your home and your office, you can specify your laptop as an all risks item on an insurance policy, which means this item is covered both inside and outside the home. This cover costs extra but if your laptop gets stolen or you drop it outside the home, it’s covered.
Where there is any type of business operating from the home, this will need to be disclosed and Allianz will assess this on a case by case basis and may require further information to decide if we will offer cover or not. Any loss, damage or liability arising from the business use is a general exclusion on the policy.
Insurers will seek the full details of all the activities that take place on the premises in relation to the business use. If you are running a business from your home its likely that a standard home insurance policy won’t cover this and you should speak to your insurer/broker for advice.
This guidance is for general information purposes only.
Information correct as of date of publishing. This blog will not be updated or edited so the information may become outdated.
Allianz p.l.c. is regulated by the Central Bank of Ireland. Standard acceptance criteria and policy conditions apply.
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