Virtual Office Space: Do You Need Insurance?

Posted on 12/10/2018

Many people who have a virtual office are flabbergasted when it is mentioned to them that insurance is something to consider. After all, they say, we're working in a virtual office, which, one would think, does away with the requirement to worry about insurance in the first place! Not so fast, though! Just because you’re not working in a "real," physical office space does not mean that you don't need insurance. The truth of the matter is that having this financial product for your office space provides more protection than ever. Here is why you will need insurance for your virtual office.

There is Really No Difference Between a "Real" Office and a Virtual Office

In the context of insurance, there is really no difference between a "real" office and a virtual office. The reason is because you still employ people even if you have them Working from home or other, non-office locations. This means that it is a good idea to have a financial product of this type to protect your entire operation. It doesn’t matter how small or large your business is; nor does it matter what specific form your business takes. Insuring your business and its virtual office spaces is sound business policy that simply makes sense.

Deciding on How to Ensure your Office

There are various ways in which to insure an office of this type, which is why there are various insurance products from which to choose. For instance, there is general liability, which is the most common and general way of insuring your office. It shields you from claims for either property damage or personal injuries. Other ways of insuring yourself largely depend on the types of services you are selling to your virtual office clients and customers. For example, there is also professional liability insurance, which is the kind of product you want to buy if you or your employees ever make any mistakes or cause negligence in your provision of services.

What About the Premiums?

Even though you have a virtual office or offices, that doesn't mean that you can circumvent state laws regarding what types of insurance you should have in place for the kind of business you are running. The law mandates that every business must provide its workers with certain forms of insurance coverage. Examples of these forms of coverage can take the shape of worker's compensation, disability and others in the same area. Of course, depending on the type of insurance that you have to carry for your employees, you will be forced to pay more or less in the form of premiums. Do you need insurance for your virtual office space? The answer to the question is a resounding "yes!" You do require some form of coverage when you are operating a business, even if that business has virtual offices instead of "real," traditional office space. The law even mandates this to be the case, so it is best to speak with a business insurance broker in case you have any doubts.
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