• Self-employed people and home insurance: Any particulars to take into account?

    9 October 2019Christopher Johnson

    Being self-employed has a lot of advantages: you can avoid morning traffic, you can tailor your work hours, do things your way, and you don’t have to dress up for work… There are also downsides to self-employment however, i.e. you have to find your own work, your salary is not guaranteed and insurance coverage is entirely up to you. At Assurances Multi-Risques, we understand your everyday reality as an entrepreneur or as a self-employed individual. Please allow us to offer more information on your particular home insurance needs.

     

    Small reminder: Professional activities exclusion clause

    Before going into the various insurance options offered to self-employed people, please allow us to state that according to the Canadian Insurance Bureau of Canada, professional activities are never included in home insurance contracts.

     

    How do make sure that you are adequately insured when you are self-employed?

    Should you add riders (special clauses that add or suppress coverage) to your home insurance contract or should you subscribe to business insurance? Did you know that some insurers offer special home insurance contracts for self-employed workers?

    You might have guessed it, but the first step to make sure that you are adequately insured is to contact your insurance agent or broker to inform him of your new professional situation and to enquire about insurance particulars and specific programs offered in your case.

    You could benefit from additional coverage such as an increase in your general coverage amount in order to protect property associated with your professional activities. You could also subscribe to additional coverage for the following:

    • Business losses if your professional activities are interrupted because of a home insurance claim;
    • Additional expenses to maintain your business’ activities in the event of a home insurance claim.

    Moreover, you could also subscribe to additional civil liability coverage for your professional activities, with the exception of error and omissions (professional responsibility) coverage, however. To find out more about available coverage, we invite you to read our article on first-time subscription to business insurance.

    Taking the time necessary to obtain the right insurance coverage when you are self-employed can seem complex and daunting, and you might be tempted to spend this time working on your contracts rather than shopping for insurance. To avoid future insurance problems and possible claim refusals, we suggest that you contact an independent insurance broker who specializes in self-employed customers who will do the research for you. The broker will contact several insurance companies to find the coverage that you need and will provide you with valuable information in order to adequately protect your most valuable asset, i.e. you home. By doing so, you will be able to concentrate all of your energy on satisfying your clients’ needs.