VAs are facing very specific risks and exposures and are typically advised to buy coverage.
Virtual assistant insurance can be highly beneficial for V.A.s as the unique exposures they face in their line of work due to the damage they could cause to their clients’ businesses and reputations.
The potential damage that could be caused by a simple mistake is substantial and may be costly.
Virtual assistant insurance takes into account the fact that V.A.s have access to a substantial amount of information about their clients. They can access and communicate with contacts, can access personal data, bank accounts, credit cards, cloud storage, intellectual property, social media accounts, and occasionally even the homes of their clients. One mistake or becoming the victim of a cyber attack could lead to considerable damage to the client’s business and reputation.
Before deciding if VA insurance is necessary, many agents recommend that VAs ask themselves the following questions:
• Do you enter a client’s home or office? If so, what happens if you accidentally start a fire or damage to something valuable such as dishes, electronics or artwork?
• What happens if a client’s entire CRM or mailing list is accidentally deleted?
• What happens if you make a social media post on behalf of your client and it is received extremely badly, damaging your client’s reputation and possibly leading to a lawsuit?
It should also be noted that many companies won’t hire an uninsured virtual assistant and associates won’t outsource to those without coverage.
There are different types of virtual assistant insurance, each of which covers different exposures.
The types of VA insurance that are most commonly sold include:
• Public liability – Which protects against legal expenses and compensation claims that can stem from injury or damage as a result of your actions.
• Professional indemnity – Which protects against errors or mistakes that lead to reputational or financial losses.
• Employers’ liability – This protects you if you have employees and are not a Limited Company.
• Product liability – You only need this form of virtual assistant insurance if you are required to sell products to members of the public as a part of your duties.