The answer to this question is 100%, categorically, without hesitation, YES. As a Virtual Assistant you can find yourself handling a lot of sensitive data, passwords, GDPR sensitive information etc and it’s therefore vital to make sure you’re covered against any accidents or breaches with a sturdy insurance policy.
If you’re writing content and make a mistake or a client has some backlash against a social media post, you need to make sure that you’re covered against any defamation or claims of it being your fault. What happens if you accidentally break their website or delete an important database that results in loss of profits? All of these examples are very possible in day to day life as a VA and you therefore need to keep you and your business safe.
I use Markel as they have specialized Virtual Assistant insurance but there are lots of great companies out there such as PolicyBee and Simply Business. The cost can be anywhere from £10 to £25 a month depending on the cover you choose.
Insurance You Should Definitely Consider
Professional Indemnity Insurance
This protects your business against allegations of carelessness, professional negligence or mistakes so is very important for a VA. If a client decides they’re unhappy with your services or feels that their business has suffered a loss because of something you’ve done, this will protect you against any claim made by said unhappy customer.
Without freaking you out, you can as a VA spend a lot of time ‘speaking’ on behalf of your client, especially if you are creating and posting content for them. Things can easily go wrong. Protection is important.
Cyber Insurance
Listen, you can’t get away from storing sensitive data as a VA. Very often clients are sharing passwords, databases, sensitive info etc. And whilst you need to make sure that you are doing all you can to maintain good practice (anti virus software, 2 factor authentication, password vaults etc) this insurance is designed to defend businesses who use, send or store electronic data from data breaches – usually caused by malware, ransomware and computer hacking.
Markel’s Definition - ‘Cyber and data risks insurance pays the costs of restoring data and equipment, informing clients, meeting ransom demands and loss of your net profit following a cyber attack. It also pays your legal defence costs and damages you are legally liable to pay to other parties. If you hold confidential information about your clients and their projects on computers and other internet connected devices, you should consider to this cover’.
There are lots of other types of insurance that you may want to explore as a VA, but that may be applicable to just your business. For example I don’t visit clients in person, but if you do you may want to explore Public Liability Insurance for use of third party equipment or protection against accidents in the workplace. If you employ lots of staff in your business you will want to look at Employers Liability Insurance as it is a legal requirement. Do you have an office that staff work in? Then you’ll be needing Office Insurance to protect the building and your equipment against damage. You can find out more about these different types of insurance from people who know more about it than me!!
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