Mackay Insurance Blog
And so began a new era in the workforce - the era of home based businesses!
With the onset of COVID-19 in 2020, the number of home-based businesses drastically increased - practically overnight! Since its onset, both small and large business organizations were forced to comply with government stay-at-home orders and safety precautions in order to help protect our Ontario communities from the risk of catching SARS-CoV-2.
As we are now in the year 2021, many businesses have actually decided to discontinue the lease of their brick and mortar office building and opt for digital upgrades and technology advancements instead. Reason being, they don’t plan on returning to the traditional office lifestyle.
And so, suitcases were stored in closets, suits were hung up to collect dust and heels were forgotten.
But now that so many Canadians are working from home, there are a series of important factors that must be considered - including that of Home Based Business Insurance.
At Mackay Insurance, our brokers provide Home Based Business Insurance for small and large-scale businesses in the Quinte area. We help our clients find affordable insurance that they can rely on to protect their business assets, their investments, their employees and their employees’ homes.
Keep reading to learn how your business can benefit from Home Based Business Insurance.
Do You Need Home Based Business Insurance If You Work Remotely?
Yes. Although not a governed law, obtaining Home Based Business Insurance is incredibly useful. Whether you work for a company remotely or run your own home based business, obtaining insurance will allow you to safeguard both your own property and the property owned by your business.
Home Based Business Insurance Protects:
- Business equipment that is damaged or stolen
- Business inventory that is damaged or stolen
- Property damages caused by customer
- Customer lawsuits
- Liability for product(s) and/or operations
- And more!
According to a recent survey, run by the BDC (Business Development Bank of Canada), many Canadian employees and employers agree that there are incredible benefits to working from home! Even saying that the ability to work from home is a serious determining factor when applying for a new job in today’s day.
Working From Home Allows Employees To Have:
- More flexible working hours
- Increased efficiency
- Decreased absence
All leading business owners and entrepreneurs to contemplate whether a Home Based Business Model might actually be the best option!
Who Can Obtain Home Based Business Insurance?
Over our 165+ years, Mackay Insurance in Belleville, Ontario, has ensured a large variety of home-based businesses. Since the COVID-19 pandemic began, this has only increased. We’ve now seen an even greater number of businesses opt for the safeguarding of their assets with a Home Based Business Insurance solution in order to provide the protection they need to run their business securely.
Types Of Insurable Home Based Businesses:
- Music Classes
- Hairdresser Studio
- Catering Services
- Flower Shop
- Home Daycare Business
- Creative Studio etc.
If you own a business and are looking for a means of protecting both it and your home, you are eligible to apply for Home Based Business Insurance.
Like many businesses in the Quinte area, our staff at Mackay Insurance have spent quite a bit of time working from home over the past year. We understand the taxing days, the distractions and frustrations of your everyday life crowding into your work life, and the challenges of finding that balance.
We also understand the vital need of securing and protecting your business assets. Protecting your equipment, data and investments is such an important step in pivoting from an office to a remote working environment, however it is so commonly overlooked.
In some cases, business owners assume that their home insurance coverage includes home based business insurance coverage. This, however, is not true.
While your standard Homeowner’s Insurance Policy protects your property, your Home Based Business Insurance policy covers:
- General Liability
- Legal Expenses
- Business Assets (ie. laptop)
- Business Interruption
- And Business Operations Liability
4 Home Based Business Insurance Factors to Consider
As you begin the discussion of Home Based Business Insurance, it is so important that you first consider the following factors:
1. Business Equipment
Do you have proper coverage and protection for your business equipment? Whether you’re working from home for your own company, or working for another company, make sure that your equipment (ie. your work computer) is covered while working at your home.
2. Business Tools
If you have business tools, make sure that you do not leave them in your vehicle while it is unlocked. Always make sure they're locked away and stored somewhere safe.
3. Business Liability
If you don't have the extension of liability from your home policy you could be in a lot of trouble. Make sure to talk with your Mackay insurance broker about your liability extension.
4. Communicate With Your Insurance Company
Make sure your home insurance company is aware that you are working from home. A lot of people working from home are not aware that their home policies are in non-compliance, which could affect their coverage moving forward.
Contact Mackay Insurance in Belleville For Your Home Based Business Insurance Needs
If the pandemic has taught us anything, it is to be versatile. At Mackay Insurance, our staff have been spending a lot of time working from home, and many of our clients are doing the same. As we adjust to this new workplace environment and consider the possibilities it has in store for the future, we want to remind each of our clients that obtaining Home Based Business Insurance for your home-run business is not only important, but necessary.
Contact your Mackay Insurance broker today to find affordable insurance options for your home-run business! We’ll work with you to secure and protect your business assets, liability, property and investments.