Insurance: A Necessary Evil?
We all know that insurance is a necessary evil. We have to have it to protect us against the things that ‘may’ come and get us in the future. Most of us with businesses, have insurance of one form or another, but do you check that the people you are working with are adequately insured in case something does go wrong?
Last week I wrote a blog about how I had changed the company that hosts my website, and how this had given me peace of mind. I really didn’t enjoy researching to find the first company I used, and was really glad when, through networking, I met the owner of the company that I now use.
Another area I really don’t enjoy researching is insurance – you’re with me on this right? I think one of my favourite adverts at the moment is the one about the 5-point locking system, if you have not seen it, keep an eye out.
“You can’t run a business without taking risks.”
In my current work towards ensuring GDPR compliance I have worked with a local solicitor to ensure that my contracts with my clients include everything that they should to protect both my clients and my business in the event that something doesn’t go to plan. It then crossed my mind whether my existing insurance covered me for everything that I had in my contract. A quick call to my insurers, and they told me that their product was ‘off the shelf’ and that they could not review my contracts and confirm I would be covered. So what was the point in me having the insurance if there was a chance I may not be able to claim on it? What now!?
I recently joined a new networking group. At the meeting last week, I met (lets call him Lewis) Lewis, who happens to work for an insurance company. Our meeting went something like this:
Me: Sorry to interrupt gentleman but you looked like you wouldn’t mind me gate-crashing your conversation
Lewis: No, please join us
Me: I’m Joanne, good to meet you, so what do you do Lewis?
Lewis: I work for an insurance company
Me: Oh! Do you do indemnity insurance?
Me: Would you review my contracts to ensure they are covered?
Me: Can I have your card.
This has got to be one of the fastest pieces of business done, and that’s what is great about networking!
Within a week I had a really competitive quote from Lewis’s company, with far better cover than I had before, and assurance that both my client contract and my associate contract would be covered by them.
“78% of Virtual Assistants have Professional Indemnity Insurance“
Source: Society of Virtual Assistants Annual Survey V9
The 2018 Virtual Assistant survey carried out annually by the Society of Virtual Assistants revealed that only 78% of VAs have professional indemnity insurance and that only 70% were registered with the Information Commissioner’s Office for their Data Protection.
Have you checked that the freelancers that you are working with are covered? What is that peace of mind worth to you?
At Joanne Manville Virtual Assistance, we take your business seriously.
All of our team are fully insured and registered with the ICO, so you can be assured that you are in safe hands.
Latest posts by Joanne (see all)
- Growing up: How I rebranded my business - 08/08/2018
- Ping! What’s that? Did you REALLY take your work phone with you? - 17/05/2018
- Insurance: A Necessary Evil? - 15/05/2018