Do you really need Virtual Assistant insurance – or is this another start up cost which isn’t essential?
Now, on the whole, if you are developing your business into a large company this may well be a good idea. But this is something you should be considering when you actually have at least one client – not during the preparation.
There are 5 key reasons why insurance may be required.
I found these reasons in a free sample of a start up Virtual Assistant course.
- Your computer is damaged or stolen and you lose your files.
- Your client hurts themselves in your home office.
- You get sick and can’t work.
- You caused harm to your client’s business.
- You have Employees.
Okay – Let’s solve these right now…
These are the 5 Key Reasons why you shouldn’t need insurance as a start up.
1) Your computer is damaged or stolen and you lose your files.
You use online methods of back up for files and cover your computer in your home contents insurance. By applying this method, you can nip down to the store, buy a new PC and as soon as you login, hey presto, everything is right there at your fingertips, from your online backup.
2) Your client hurts themselves in your home office.
You are a “Virtual” assistant — don’t invite clients to your home, and if you or they insist on meeting, choose a public venue, or simply meet online using technology designed for remote working.
3) You get sick and can’t work.
You can look at this 2 ways: The first is that you find a good VA to work with who can take over the shop — you can hire a freelance VA by the hour and if your business is profitable enough then you can pay for them whenever necessary, OR partner with another VA, either a solo or a company, and create an agreement so they profit from the billable time they work, but the client remains on your books.
4) You caused harm to your client’s business from the work you did.
A good contract, checked over by a lawyer should limit your liability on the offset. Also, place a disclaimer on your website as well.
5) Insurance for Employees.
If you are just starting out as a new virtual assistant, it’s going to be a little while before you need to consider working with anyone, but ideally even if you are more seasoned – don’t take on employees, hire freelancers (like yourself). It’s much less hassle and they will be more motivated to do a good job, since it’s their business they are doing it for as well as yours.
If after reading this you still feel you need insurance, then you go for it, but weigh up the cost and consider if the money could be spent elsewhere during your start up phase.