Home insurance covers your laptop and other belongings you use for work, but only up to your policy's limit. You may need to purchase extra coverage for an at-home business.
Kara McGinley is a senior editor and licensed home insurance expert at Policygenius, where she writes about homeowners and renters insurance. As a journalist and as an insurance expert, her work and insights have been featured in Kiplinger, Lifehacker, MSN, WRAL.com, and elsewhere.
Although there’s no such thing as “work from home insurance,” homeowners insurance does cover most personal property, including business equipment, but only up to your policy’s coverage limit, which is typically $2,500 for business and work equipment.
If you have an employer but you work from home, your employer will likely cover your work laptop and equipment since they’re usually the ones who technically own it, however it may depend on company policy. If you run an at-home business, you may need to purchase additional coverage.
If you own your own work equipment, the personal property coverage component of your homeowners insurance policy can reimburse you if your equipment is stolen or damaged by a covered peril. But homeowners insurance has coverage limits, meaning the maximum amount your insurer will reimburse you if your belongings are damaged. A standard homeowners insurance policy typically has a sublimit of $2,500 for business equipment, which may not be enough if you have your own at-home business or home office.
Homeowners insurance covers your personal property, but no one else’s, not even your employer-owned work equipment. If your employer owns your work equipment and you damage it while working from home, whether or not your employer will pay to repair or replace it depends on your company policy and the circumstances of the damage. Some companies may pay to repair or replace damaged equipment by paying out of pocket or through their insurance. Other companies may require you to pay for it if they find that you are liable for the damage.
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GST taxpayers can't claim any pending input tax credit if this return is not filed by November 30, 2024 for FY 2023-24
