Overview
The global COVID-19 pandemic has changed the way that a lot of companies do their business. One of the most noticeable and fundamental changes is where that business takes place. More employees than ever have been forced to work from home. And that might not end when the pandemic does – many employees like working from home for a number of reasons, and while some will certainly come back to the office post-pandemic, some are likely to stay where they are.
Take a look at the types of insurance agencies need to think about, now and in the future, as they adapt to these changes.
Cyber Security Insurance
Cybersecurity has always been a potential business risk, but with more employees working from home, companies of all kinds have more vulnerabilities than ever. At-home workers aren’t restricted to the company networks, and business owners aren’t there to ensure that their workers are always following the best security practices.
COVID-19 has also created opportunities for hackers, and the Department of Homeland Security has warned that COVID-19 phishing attacks are on the rise. Agents should talk to their clients about their insurance for these problems and emphasize the need to protect themselves from hackers and unsupervised employee activity.
Liability Insurance
Insurance agents need to take remote workers into consideration to protect both employees and agencies.Some fields have more on-the-job accidents than others, but accidents and injuries are always a possibility at work. Most companies have some type of general liability insurance to cover themselves and their employees, but during and after the COVID pandemic, this may not be enough.
The policies that easily cover in-office workers might not cover remote workers. But while employees are on the clock, companies still have a responsibility to them. Remote workers who are employed by the business and are not freelancers or contract workers need to be covered for accidents that may occur at home. Agents need to explain to their clients the need for changes to their liability policy that are necessary to cover all workers in all places where their work activities are performed.
Property Policies
Gone are the days when most workers needed only pencils and calculators to do their work. Today’s workers need expensive technology. Computers, tablets, cell phones, and other types of equipment are standard for most workers, and in the current environment, these devices are no longer tied to the office.
Employees need these tools to get their work done, and it’s unreasonable to expect them to fund these tools themselves. But if the business is going to fund them, that investment needs to be protected.
Policies that protected equipment only in the office may need to be updated in order to take remote working stations into account. Even in companies where remote work is not new but has recently increased, policies may need to change accordingly.
Keeping clients and agencies safe and protected during COVID may take some extra effort and proactivity on the part of agents. To learn more about how the American Agents Association can help, contact us.
