Remote Work and Virtual Services: Is Your Insurance Keeping Up?

Businesses often need to adjust to the world around them. Employment trends, economic patterns and industry standards can all affect your situation, and failing to adapt could hinder your growth and expose you to significant losses. Changing commercial insurance needs may be a particularly prevalent aspect of a dynamic business environment, as your risks and exposures are constantly evolving. Understanding how various trends, such as remote work and virtual services, may impact your coverage needs is crucial.

How Have Remote Work and Virtual Services Affected Business Insurance Needs?

With remote and hybrid work arrangements gaining popularity in the years since the COVID-19 pandemic, many organizations have needed to adjust their risk management and loss control measures. Whereas companies may have previously had to account for larger office spaces and more valuable on-site assets, they now must consider off-site incidents and alternative employee needs.

What Types of Insurance Should My Company Think About?

As more operations move online, cyber liability insurance has emerged as a critical pillar of many businesses’ overall coverage packages. These policies can help account for losses and expenses arising from various cyber incidents, including phishing attacks, ransomware situations and other data breaches. With employees working remotely and greater use of virtual services, cyberspace has become an area in greater need of financial fortification.

Several types of insurance your business may have already had might also need to be adjusted or enhanced in an increasingly digital world. For example, you should verify that your commercial property insurance covers company equipment used by remote employees. Alternatively, you may want to check that your workers’ compensation insurance can address incidents in which remote employees are hurt while conducting their duties.

We’re Here to Help

In a dynamic world with changing employment trends, a qualified insurance professional can offer invaluable guidance and help your company maintain appropriate coverage.

Contact Allee Agency Inc. in Franklin, Tennessee, today to discuss your situation and secure ideal policies.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.