Why is it important to update your corporate insurance for remote employees? Catalog
Employees who work from home are likely to have homeowners 'insurance if they own their homes, or tenants' insurance if they rent. However, these types of policies are not designed to cover business needs. In fact, most homeowners policies exclude coverage for all business-related losses. Catalog
The shift to remote employees has legal consequences for a company. This creates a risk of exposure on several levels. Your existing policy may not cover new issues in the new situation. Risks associated with remote employees include cyber theft, employer liability for employee damages, property damage to company-owned equipment and commercial crimes.
What types of business insurance do you need with remote employees? Catalog
Our experienced agent can help you design a business insurance package that provides the protection you need as an organization with remote employees. Types of coverage that we recommend may include one or the following:
Cyber Liability Insurance
The risk of cyberattack increases significantly with virtual employees working from home. Security measures should be taken to prevent data breaches, including an encrypted virtual private network (VPN) through which employees gain access to company resources and applications, strong passwords, and an updated antivirus software wall. Catalog
Third party liability insurance protects your business if a client or customer sues you for a data breach, even if the breach occurs at a distance. It covers your legal fees, legal costs and the damages you have to pay, up to the policy limits. First-party cyber-liability insurance covers damages that your company suffers from a data breach. This may include the cost of notifying affected customers and providing them with ongoing credit and fraud monitoring. If you work in the IT industry, both types of cyber liability insurance can be bundled with your technical error and omission insurance.
Companies with employees are required to carry workers' compass insurance in most states. This insurance generally covers remote workers. The injured worker must prove that the injury or work-related illness occurred during working hours.
General Liability Insurance
This coverage helps protect your organization from liability for bodily injury or property damage to a third party caused by your company or employees, including medical coverage. It also covers advertising damage, such as libel or slander.
Commercial Real Estate Insurance
This type of insurance is designed to protect a company's equipment, inventory and assets. If your company has remote employees, they are likely to use laptops or other equipment that belongs to the business but is used outside the facility. In that case, it is important that your commercial property insurance covers company-owned equipment used by remote employees in their home.