The COVID-19 crisis has led to a work from home culture where more and more people are working remotely. This has posed a few unique insurance questions for companies with employees working outside of the office. Not only have they been forced to find a way to continue to protect themselves, but they have also had to learn how to extend their insurance policies so that they cover remote locations and a variety of new challenges, like cybercrime and internet fraud.
Following are the three ways in which remote working during COVID-19 has affected the commercial insurance coverage:
Extended Liability and General Coverage for Remote Locations
One of the biggest concerns for both employers and individuals who are self-employed is making sure they have enough liability and general coverage insurance in place so that it covers working in a remote location. Employees need to know that they have the same type of coverage no matter what location they perform their work, be it at their home or in the company office. This gives them peace of mind and the security of knowing they are covered. Liability and general coverage insurance for your employees is essential no matter where they work. In most cases, they will face fewer risks if they work at their own home.
Need of Coverage for Your Property
When employees start to work from home, they often take company equipment with them. Employers must have the right property insurance policy in place to ensure that all their equipment is covered no matter where it is being used. For your employee to perform their duties, they need to know they have the right equipment, so using their own may not be an option. To protect your investment, being able to insure all of your equipment, no matter where it is located, is a must. Employees who have their own home office may already have most of the equipment they need, but it is still imperative that their devices be insured so they can continue to work even if an emergency occurs.
Increased Importance of Cyber Insurance
The next type of insurance is probably one of the most important. Liability and property damages are often visible, and steps can be taken to avoid them. Cyberattacks can take many forms and involve a variety of unknowns that make them difficult to prepare for. Although there are several steps you can take to protect yourself and your company, the fact is hackers are creating new ways to invade your space every day. With a dramatic increase in the number of employees working remotely, protecting your company with cyber insurance has never been more important.
If you are an employer with workers who are on the job at remote locations, you need to have the most up-to-date and accurate information possible when it comes to insuring your business and its interests. We at Duane Weber Insurance bring you the business insurance you need. Reach out to us to get to know more about us. Each agent of ours has the skills and experience to help young entrepreneurs get started on their journey to success.