Hi, I want to get cyber insurance but have been quote 220 a year which seems a lot for a VA who’s just starting out…
Who have you got your insurance with Ruth? Policy Bee do specific VA insurance and you can add cyber. Or Hiscox is another recommended provider.
I’ve got liability insurance with simply business but they don’t do cyber. So I’d have to get a full policy out with policy bee to get the cyber cover by the looks of it.
Geez that is a lot!
Are you an FSB member? They have free cyber cover as part of their membership? (so if you were thinking of joining, might be worth it just for that!!!).
TBH most policies who understand VAs will now have this as part of the cover - or at least as a “bolt on”. It would raise flags for me about the coverage if they haven’t considered this as part of the risk.
I have heard things like this with Simply Business before. A client (non VA) had similar issues with part of her business they wouldnt insure.
I have Cyber and PI through Police Bee for around £200 a year. Hiscox and Policy Bee are pretty much the same thing.
Daft question alert
What does cyber insurance cover you for? (I’ve clearly not looked into it…yet!)
Not a daft question at all Jakki!
Cyber insurance covers if you have hackers target you - so for example, they might hijack your website and demand payment to release it or get into your files and delete your address book/accounts records. They usually cover IT costs in sorting out the hardware and finding out how they got in, legal costs to pursue damages and protect you from any problems with clients, and PR assistance to help you tell people about the problem. GDPR now has a liability that you must contact everyone affected within 72 hours of a breach - but that’s kinda hard if they’ve deleted your address book!!!
FSB has cover included up to £10k, but their average claim tends to be £3k - which I found kinda interesting because I’d assumed it would be more… I guess getting it sorted quickly is really key.
More stuff on insurance for VAs here: https://www.societyofvirtualassistants.co.uk/2019/04/08/what-insurance-do-uk-virtual-assistants-need/
Brilliant, thanks Caroline…as always, very helpful!
I’ve gone for this as well and went with Policy Bee. It’s been invaluable for peace of mind!
While creating my business plan, I had looked into a couple of insurers and Policy Bee were the best, however, with the areas it handles £220 is very good to feel that you are protected in most/all areas. Its a steep cost at first but it will help you in the future.
Sadly startup is always going to be expensive for us newbies
You can usually pay monthly which does help.
Just to give some assurance: We know PolicyBee do pay out properly, I know quite a few VAs who’ve had to claim and they’ve been really happy with the process, which is quite unusual. They also know VAs well enough to ask all the right questions, so you will get cover which does everything it needs to do. Quite a lot of the other policies don’t ask you about how you work, and that can mean you end up with inadequate cover (which we also hear about unfortunately!!).