CYNTHIA GREENE BRADBURY CIP
VANCOUVER ISLAND – Are you working from home? Starting up a home business? Make sure you’re covered by keeping your residential insurer in the know.
Over the last two years, business as we knew it has evolved. More employees are working remotely. Some businesses have shut down their brick-and-mortar stores and are operating digitally, and home-based business startups have increased. If you’ve made one of these changes and wonder whether your residential insurer would be interested, the answer is yes.
Simply put, residential policies aren’t designed to automatically fully protect the increased risks associated with operating a business from home. Once you’ve set up a policy, you are required to advise your insurer if you make a change to the occupancy or usage of the premises.
A few examples of risks to consider while working from home include:
- the slip and fall of a customer or delivery person
- inadequate limits or no coverage for business tools, stock and property
- breakdown of equipment
- consequences of a mistake
- loss of business revenue following an insured loss
Reach out to your insurance broker to discuss any alterations to your home situation. Many insurers have made adjustments to their guidelines to reflect changes in the business world, and your broker will be familiar with anything relevant to you.
Whether you will need to alter your policy or purchase additional coverage will be dependent on the complexity and nature of your business and your insurer’s guidelines. In some instances, permission to work from home will be granted or may already be included. An example would be a remote worker, whose business equipment is already insured by their employer. Many may find that a home-based business endorsement suits their needs.
Others may need to seek the advice of a commercial insurance broker who specializes in business insurance and understands the unique risks and exposures to your business. Insurance can be complicated. Your insurance broker is there to help you successfully navigate through these changes. Don’t hesitate to call 1-888-741- 1010 if you would like to learn more about what Coastal Community can offer.
Cynthia Greene Bradbury CIP is an agency manager in Port Alberni for Coastal Community Insurance Services (2007) Ltd., an affiliate of Coastal Community Credit Union.
