By Janthana Kaenprakhamroy, CEO of Tapoly,
It is clear that the past year has fundamentally changed the way we behave. Some people have become more cautious after spending more than a year in lockdown, but others might have become more open to taking risks and doing new things as you never know what might be around the corner. Some might have chosen to start a new business and others might be working from home permanently. This all impacts upon the insurance we might need to protect ourselves, our possessions and our businesses.
Within this article I am going to take a look at some of the insurance products that are growing in importance for freelancers, self-employed and businesses alike so that you can make sure you have the right safeguards in place.
Employers’ Liability Insurance
In the UK, all businesses that employ a minimum of 1 individual are expected to hold at least £5 million worth of Employers’ Liability cover. For some this may seem like an unnecessary expense as they might consider it unlikely that an accident will happen in the workplace or that an employee will make a claim against the company, but it is a legal expectation that is arguably growing in importance with the increase of remote or hybrid working.
With a growing number of businesses not requiring staff to be in the office full time, employers can lose some of the oversight over the safety of their employees. This could leave them exposed to potential risks you are unaware of. Some of these risks might be physical with them not working with a suitable desk, chair or other equipment, but it could also be mental or emotional if they are struggling with stress or isolation.
Employers have an important duty of care to make sure that wherever they and their employees are based, their staff are protected from harm. Part of this is having adequate Employers’ Liability cover in place in case there are any long term wellbeing issues, but also to fulfil their care requirements by conducting risk or self-assessments and showing how to create a safe working environment.
As working from home continues, so does the increased use of technology in business. Video conferencing, cloud storage and digital tools have become embedded into the way we work, but these are accompanied by unique risks. This has heightened the importance for all businesses to consider taking out Cyber Insurance.
Perhaps it used to be more applicable to tech businesses specifically, but if there is any sharing of data or information occurring within, or outside, your business, Cyber Insurance could protect you against any accidental breaches, malware or viruses. Cyber breaches can be very costly financially, but also for your reputation as you lose a considerable amount of consumer trust. Again, this is something important for business owners to consider if they are planning to continue hybrid working.
Professional Indemnity Insurance
For some, this year has put their careers into perspective and they have realised there is another passion that they want to pursue. This could involve becoming self-employed or undertaking training for a new profession. Perhaps they have decided to take up a career in coaching, hairdressing, consulting or a yoga instructor to name just a few professions where you are typically self-employed.
If you are self-employed and not covered by an employer’s insurance, it is important to consider taking out your own Professional Indemnity Insurance in case of eventualities. This gives you the vital protection you need to cover you against potential compensation payments and legal fees if a client or customer is dissatisfied with your service and decides to sue you for bad advice, a bad service or for negligence. It can
The past year has been packed with ever changing restrictions that have been impacting the way we do business. When trying to read up on the changes on the internet you can be met by conflicting sources. This is where legal expenses insurance could provide some assistance.
Not only would it cover your costs should you enter a legal dispute, but it also gives you access to a 24/7 legal helpline should you need some clarity over your position or how legal changes might impact your business. Whilst we may have seen restrictions lifted in the UK, some uncertainty still remains that could be alleviated by some on-hand legal support.
As the way we work changes, so too should the insurance products that we seek out. It is essential that you work with your insurance provider if you think your situation might be changing or work with a specialist broker to find a solution that fits with your new requirements.
Janthana Kaenprakhamroy is the CEO of Tapoly, winner of Insurance Provider of the Year at the British Small Business Awards 2018. Tapoly is an award-winning digital managing general agent (MGA) for SMEs and freelancers, and provides underwriting services, distribution, and an end to end white labelled SAAS (software as a service) solution connecting insurers with their distribution partners.
Janthana was listed by Forbes as number 6 of the Top 100 Women Founders to watch and is among the Top Ten Insurtech Female Influencers according to The Insurance Institute. Janthana is a chartered accountant and former internal audit director at top-tier investment banks. More information can be found at https://www.tapoly.com/