4 Types of Insurance Remote Companies Need

If your company operates on remote work and your employees work from home, do you still need commercial business insurance??

Some remote businesses make the mistake of thinking that without a clear commercial office space, they can skip commercial insurance and rely on homeowners or other coverage. However, those insurance policies are not designed for your needs as a business — in fact, many specifically exclude coverage for home-based business losses.?

Don’t find out too late that important losses aren’t covered. Instead, make sure that your remote company still invests in these key commercial insurance policies.

General Liability

Liability coverage protects you and your business from the possibility that your product injures someone or damages property; or claims that your business or employees were guilty of false advertising, copyright infringement, libel, or slander.?

None of these things change because your company has remote work, so it’s essential to ensure you have the right liability coverage for your business based on your industry and the types of products and services you provide.

Property Insurance

Wait, you don’t have a commercial building, so why do you need commercial property coverage? Commercial property insurance covers business equipment, like company-owned computers, devices, or tools.?

If something happens to the property, whether a remote employee is using it or it’s in a central business location, your insurance will help you replace the item so you aren’t stuck paying the full price yourself.?

Remote work doesn’t just happen in homes — people also work in coworking spaces, coffee shops, libraries, and other areas where business equipment can be lost or stolen. That’s why commercial property insurance is important, even for companies with remote work.

Cyber Liability

If you use remote work, you’re relying on the internet and your business network to transmit all kinds of information. This includes sensitive business data, customer information, payment processing, and more.?

Cyber liability insurance covers losses your business suffers due to data breaches and cyber attacks. It includes the cost of investigations, recovering lost data, business interruptions, and even cyber extortion.

In 2022, the cost of cyber attacks was $6 trillion. Your business can’t afford to be unprotected, so be sure you have cyber liability coverage.

Error and Omissions (E&O)

E&O insurance is a special kind of liability coverage that protects you and your business if someone claims you acted with negligence or made an error that impacted the claimant.?

This type of liability isn’t part of a normal business liability policy, and depending on your industry, it can be essential whether or not you use remote work.?

Do You Have the Insurance You Need?

There’s a lot to think about when running a business with remote work, so it’s easy to assume your current insurance is well-priced and sufficient. However, you don’t really know until you check.

Talking to a professional insurance agent can help you understand your specific business’s insurance needs, and you may be able to get better rates or better coverage as well. Don’t leave things to chance — contact me to review your business insurance today.