Needs & Benefits
As a personal assistant, you are responsible for tackling a variety of tasks daily. Without your assistance, your boss would have a difficult time running his or her business. They rely heavily on your services and you undoubtedly make their life much easier. You have a good relationship with your boss and they appreciate everything you do for them. Nevertheless, you have to understand that your boss is not going to overlook your mistakes. If you make a mistake that leads to financial loss, your boss will attempt to recuperate his or her losses.
They can’t afford to lose money. Although you have become friends, you may still face a lawsuit from your boss. With that being said, you don’t want a single mistake to ruin your personal assistant business. This is why you need to obtain personal assistant insurance before taking clients. Below, you’re going to learn more about personal assistant insurance, its pros, and other insurance products you may need.
What Is Personal Assistant Insurance?
In Canada, personal assistants perform a lot of duties. Sometimes, you’ll find yourself researching topics for your business. Then, you’ll book reservations for his upcoming business trip. Other times, you’re taking a company vehicle for a checkup. The possibilities are endless so your risks are immense. Personal assistant insurance is a necessity because it can protect your company. Personal assistant insurance is also known as professional liability insurance. In the medical field, it would be called malpractice insurance. Ultimately, personal assistant insurance is a must for modern business owners.
With personal assistant insurance, you’ll be able to defend your company when you’re sued for oversights, neglect, and errors. While things are going well today, they might not tomorrow. You always need to prepare for the worst. Acquiring personal assistant insurance is one of the best ways to do that.
What Does Personal Assistant Insurance Cover?
At the end of the day, personal assistant or professional liability insurance covers various problems. Professional liability insurance is also known as errors and omissions insurance and malpractice insurance. Professional liability insurance is helpful in many circumstances because it offers protection when you’re facing a lawsuit stemming from negligent acts, offering bad advice, or errors. When you’re working as a personal assistant, your risks are immense. You’re giving your boss advice daily. In addition to this, you’re completing tasks for them regularly. If you look at the numbers wrong, there is a good chance that you’re going to make a mistake that causes your boss to lose money.
If this leads to a lawsuit, you’ll want to make sure that your business is protected with professional liability insurance. With this insurance, you’ll have no trouble hiring a high-quality lawyer so you can defend your personal assistant business. Don’t serve anyone until you’ve signed up for personal assistant insurance.
When Should I Get Personal Assistant Insurance?
Since professional liability insurance protects your company from lawsuits stemming from negligent acts, bad advice, and errors, you cannot wait. You need to sign up for insurance as soon as possible. Remember that you’re taking a risk each time you’re working for a client. It only takes one minor mistake to lead to a costly lawsuit. If you wait too long, you’ll have a lawsuit filed against your firm and you won’t have insurance. The likelihood of getting insurance to cover existing lawsuits is very slim. You might be able to acquire a retroactive personal assistant insurance policy but the chances are very low.
In other words, you should sign up for personal assistant insurance as soon as possible. Don’t wait because doing so could lead to the downfall of your business. Professional liability insurance is one of the most important components of your comprehensive insurance policy. Combining it with other products is the best way to protect your business to the fullest.
How Much Will I Pay For Professional Liability Insurance?
When signing up for professional liability or personal assistant insurance, you’re likely going to be concerned about the costs. While insurance is expensive, you’ll find that it is well worth it in the long run. Having insurance is one of the best ways to protect your company. If you don’t have insurance, the risk that your company is going to lose a lawsuit and go bankrupt is very high. With insurance, you can likely prevent this from happening. With professional liability insurance, your insurance company will help you hire the best lawyers.
This helps you defend your company and avoid potential bankruptcy. The premium cost will depend on several factors including your area, your broker, and your risk. As a personal assistant, there is a higher risk that you’re going to experience issues. Therefore, you may pay more for professional liability insurance than other professionals. Nevertheless, you’ll find that this insurance is well worth it. It’ll give you peace of mind and help ensure that you can protect your company.
How Can I Get Personal Assistant Insurance?
When you’ve decided to start a personal assistant business, you should also decide to get personal assistant insurance. This is one of the most important things you can do since it’ll help your business survive. A lawsuit could easily ruin your business. If you don’t have insurance, a lawsuit will ruin your company. You won’t be able to hire skilled lawyers and the court costs and settlement will bankrupt your business. You need to prevent this from happening by signing up for personal assistant insurance immediately. How can you get insurance? The process isn’t difficult.
All you have to do is find a high-quality insurance broker. A professional insurance broker will provide you with assistance so you can sign up as quickly as possible. In addition to this, a broker will help you determine how much and what type of insurance you need. Are you looking for an outstanding insurance broker? If so, it would be a good idea to contact ProfessionalsCoverage because they can point you in the right direction.
Is Personal Assistant Insurance Enough?
Many may believe that personal assistant insurance is enough to protect their business. Ultimately, it will help but it isn’t enough on its own. Instead, you’ll need to acquire professional liability insurance, general liability insurance, business interruption insurance, and more. You can’t stop after taking the first step. Instead, you’ll need to protect your business by purchasing an assortment of insurance products. Below, you will learn more about the other policies you need to add to your plan.
General Liability Insurance
When signing up for an insurance policy, you’ll want to make sure that you have general liability insurance. Combining this insurance with professional liability insurance is one of the best ways to protect your firm. General liability insurance is very important since a lot of clients are going to visit your place of business. When someone is looking for a personal assistant, they’re going to visit your office so they can learn more about your services. They’ll enter your business, sit in front of you, and sign the contract.
While it seems easy, there are risks involved. When people visit your office, there is a risk that they’re going to get hurt. They may touch a loose wire and get shocked. They might slip, fall, and get hurt. Or, their vehicle might get damaged in the parking lot. Any of these problems can lead to a lawsuit being filed against your company. Thankfully, it is possible to defend your firm by using general liability insurance. This insurance offers protection from lawsuits stemming from the aforementioned problems.
Business Interruption Insurance
Certain areas of Canada receive 8 to 14 tornadoes each season. Other areas have 4 to 10 tornadoes. While other provinces have lower risks, you never know. With that being said, you have to make sure that your business isn’t going to stop due to a natural disaster. If a tornado damages your building, you’ll want to switch to a new building as quickly as possible. The only problem is that relocating will be very expensive. To offset this problem, you should acquire business interruption insurance. With this insurance, you’ll be able to cover the cost of renting a temporary headquarters.
Furthermore, business interruption insurance can pay for the income you’ve lost.
Business Contents Insurance
Would you agree that technology makes your life significantly easier? Don’t you love being able to use the Internet to help your clients from afar? You likely use a computer to help manage your boss’s appointments. And, you use a computer or smartphone to schedule motels for upcoming business trips. Your business equipment is very important. If something happened to it, you would need to replace it as quickly as possible. Otherwise, you shouldn’t be able to serve your client effectively. In the blink of an eye, your equipment could be lost, stolen, or damaged.
You need to have business contents insurance because it can help with this problem. Business contents insurance will protect the equipment and belongings on your work premises. This insurance is often referred to as business assets insurance and commercial contents insurance. If you don’t want to pay out of pocket to replace stolen computers, you should sign up for business contents insurance. You won’t regret it.
Finally, you’ll want to sign up for a cyber insurance policy. This is very important since Canadian businesses are common targets of hackers. You’ve likely read several news stories about a Canadian company becoming a victim of a cyber breach. While it’ll negatively impact you, it is important to remember that you’re not the only victim. In addition to you, your clients will also be hurt. Their private information is stored in your database and it will be stolen as well. Your clients are not going to be happy and they’ll likely hold you liable for their problems.
You need to respond to this problem rapidly and effectively. To do that, you should obtain cyber insurance. This insurance can help you accurately respond to cyber breaches. Ultimately, there are many insurance products that you’ll want to consider adding to your policy. Besides the aforementioned products, you should also think about purchasing workers’ compensation insurance. Be sure to speak to your insurance broker so you can find out which products are important to your business.
Personal Assistant Disability Insurance
You biggest asset in life is your earning ability. If you are unable to work, you will need to rely on either your savings or borrow money to sustain your lifestyle. When these unfortunate circumstances occur, dependents and spouses are also impacted financially and emotionally.
Disability insurance coverage will provide you a monthly income benefit, usually totaling 70% to 80% of your income, when you are unable to work for a period of time due to injury or illness.
Types of disability insurance
- Long-Term Disability Insurance (LTD)
- Short-Term Disability Insurance
- Key Person Disability Insurance
- Self Employed Disability Insurance
- Mortgage Disability Insurance
- Temporary Disability Insurance
- Supplemental Disability Insurance
Need coverage in effect? Compare the market!
FAQ before purchasing Personal Assistant Liability Insurance
- How much personal assistant professional liability insurance do I need?
- How do I get a personal assistant insurance policy?
- What does personal assistant professional liability insurance cover?
- What is the difference between claims made & occurrence form of coverage?
- When will I need to be insured as a personal assistant?
- What other professions need this type of insurance?
Other useful posts you should also read
- Canadian insurance companies that provide professional liability insurance for personal assistants
- How does the claims process work if I get sued because of my personal assisting services?
- What is the cost of personal assistant liability insurance?
- How do I apply for a personal assistant professional liability insurance policy?
- How do I qualify for coverage as a personal assistant?
- What is the purpose of getting insured as a personal assistant?
- How long will it take to get an insurance quote for as a personal assistant?