Virtual Assistant Insurance

As more and more businesses turn to virtual assistants to help with their administrative tasks, the risks of being a virtual assistant are becoming more apparent. Our virtual assistant insurance can provide the protection and peace of mind you need to focus on your work without worrying about any potential consequences.

virtual assistant insurance

 

Professional Indemnity Insurance for Virtual Assistants


We can provide bespoke Professional Indemnity and Liability insurance coverage for any Virtual Assistant (also known as VA businesses) operating in the Staffordshire area, the greater West Midlands and throughout the United Kingdom.

 

Choosing the Right Policy


Most insurers struggle with the concept of what a Virtual Assistant or Virtual Personal Assistant actually is, and also the type of work they do. For example, it’s very common to see a VA insurance policy covering just secretarial services or book-keeping. But we know that virtual assistants are multi-talented and can do everything from website design to translation services!

And this is actually really important, because if your policy says you are a book-keeper and you try to claim in the event of some marketing work going wrong, then the insurers have every right to decline your claim!

It’s important to choose a Virtual Assistant insurance policy which actually specifies (within the business description) that you are a ‘Virtual Assistant’. Nothing more, nothing less.

Our policy does this and also so much more…

  • Interest Free monthly instalments
  • The security of an ‘A’ rated international insurer
  • The option to add Public Liability and Employers Liability to the basic Professional Indemnity policy
  • Premiums starting from just £8 per month

professional indemnity insurance

You have the choice of how much professional indemnity cover to buy for your virtual assistant business, starting from £100,000 (any one claim) and going all the way up to £5 million per claim!

 

How much cover should you buy?


Please have a look at this great article on how much professional indemnity insurance you need. But for peace of mind and to know exactly how much cover you need for your business, please contact us by phone or email and we will be happy to help.

You should also consider the following points as they may be relevant to your Virtual Personal Assistant business:

  • Employers Liability Insurance – This is one of the few compulsory insurances in the UK – as is Public Liability, but only if you operate a horse riding establishment, operate a nuclear establishment or own/keep dangerous animals!

Employers Liability Insurance is compulsory if your company has more than one director and/or has PAYE employees and/or casual or voluntary labour. If you are an employer with a business, you are legally obliged to have Employers’ Liability insurance. You can be fined up to £2,500 for every day if you do not have the appropriate insurance. This insurance covers the cost of compensation for injury and/or illness to employees and any associated legal fees. If you are in any doubt as to whether or not you need this cover, please get in touch with us.

  • Public Liability Insurance – This covers the cost of claims made by members of the public for incidents that occur in connection with your business activities. Public liability insurance covers the cost of compensation for personal injuries, death, and loss of or damage to other people’s property. Cover will include statutory liability arising from the Defective Premises Act 1972 and the Occupiers’ Liability Act 1984 and can be extended to cover working away anywhere in the world. So if you take up an assignment outside of the UK as a one off or if you are going to be doing this on a regular basis, please contact us and we will recommend the best policy for you.
  • Cyber Insurance – This covers your data and your liability, especially with GDPR and the increased onus on businesses to not share information without explicit consent. We can add Cyber onto your existing virtual assistant insurance package – but only if it’s the right thing for you. If not we can offer a ‘stand-alone’ Cyber policy which will have been especially designed for smaller businesses with a minimum premium of £137 per annum.

 

Do Virtual Assistants Need Insurance?


Virtual assistant insurance is essential for your business because it provides protection against the risks associated with your work. Without insurance coverage, you could be held personally liable for any damages that result from your work, which could be financially devastating.

 

What are the risks of being a Virtual Assistant?


One of the most significant risks of being a virtual assistant is the potential for physical damage to your property. For example, if a client sends you a piece of equipment to use while working for them, and that equipment is damaged while in your care, you could be held liable for the cost of repair or replacement.

Another risk that virtual assistants face is cyber attacks. As a virtual assistant, you likely have access to sensitive information about your clients, including their financial information, personal information, and more. If this information is compromised due to a cyber attack, you could be held liable for any damages that result. Our insurance can help protect you in these situations by covering the legal costs of any damages resulting from a cyber attack.

cyber liability insurance for virtual assistants

Virtual assistants may also face risks associated with social media. If you are responsible for managing your client’s social media accounts and inadvertently post something that is inappropriate or offensive, your client could face bad consequences.

 

How Can Prizm Solutions Help?


At Prizm Solutions, we understand the unique challenges faced by virtual assistants. Our team of experts can help you assess your risks and find the right coverage to protect your business.

We are an award winning local insurance broker based in Tamworth and we pride ourselves on our fantastic knowledge and customer service. Simply fill in the form below to request a free quote or call us today on 01827 313 931. We look forward to talking to you.