How working from home affects your insurance
Despite the return-to-office trend gaining traction globally, many companies are still embracing remote and hybrid work to attract talent. Working from home affects how people use their homes and vehicles, highlighting the need for tailored insurance to protect these assets.
Many people are enjoying the convenience of home offices, but only a few may realise that this work-life-balance choice could have implications on their short-term insurance. It is important to review your home and car insurance at least annually to ensure you remain adequately covered if opting to work from the comfort of your personal space.
Home insurance implications
Integrating workspaces into homes has led to increased investments in office equipment and internet reliance. However, failing to inform insurers about these changes can result in coverage gaps or rejected claims.
These products may require extra coverage beyond a standard insurance policy and would certainly need to be considered under contents coverage. Additionally, handling sensitive data from home can expose you to cyber threats, yet most home insurance policies do not include cybersecurity.
Car insurance savings for remote workers
The impact of remote work extends beyond home insurance. Fewer commutes and reduced mileage could translate to lower car insurance premiums. Insurers often assess risk based on driving frequency, and people who need to drive to the office less may qualify for reduced premiums. But it’s also important to ensure sufficient coverage for when you are on the move.
As remote working continues to be a prevalent aspect of the South African work culture, it is important for people to proactively assess and update their insurance policies. Understanding the terms and conditions of cover, from an insurance professional, can prevent misunderstandings on cover limitations and avoid potential financial setbacks because the right cover is in place.
