Getting the right VA insurance is critical but often we buy the policy and then hope we don’t ever need to use it. But in this bi-monthly blog, PolicyBee gives you an insight into how your insurance broker can help you with particular advice on how your VA insurance broker can help when things go wrong.
How Your VA Insurance Broker Can Help When Things Go Wrong
There’s no doubt a virtual assistant’s business insurance policy is a useful thing to have. It’s your safety net, should things start to go south between you and your client.
Having spent good money on business insurance though, you expect it to do its job. If something goes wrong and you have to claim, your policy should kick in and pay up. No questions asked. Except questions are always asked, and fairly awkward ones at that. So it’s a good thing you already have an insurance expert on your side who can help you: your broker.
Reading the early signs
As with any impending disaster, there are usually a few tremors before the quake: some barbed criticism, a recurring complaint about your work, refusal to pay your invoice. Enough to ruffle a few feathers, but not enough to prompt you to pick up the phone to your insurer.
Except that’s exactly what you should do. Keeping your insurer in the loop from the moment there’s a problem between you and your client – no matter how trivial or small – means they have an early record of the dispute, which can only help your case.
A quick chat with your broker is usually enough for this to happen. It won’t affect your premium and it’ll put you on the right footing with your insurer should things escalate between you and your client.
Choosing your words wisely
Say things do take a turn for the worse. Before you know it, you’re dealing with one (or more) allegations of wrongdoing which could, ultimately, lead to a claim. What then? How do you respond?
At this stage, what you don’t say to your client is just as important as what you do say. Your insurance broker can help you with this.
For example, they can advise on how to keep correspondence between you and your client neutral, so you don’t unintentionally aggravate the situation or admit liability. Even if you think your client is right to point the finger, an admission of guilt would prejudice your insurer’s position from the get-go, making it more difficult for them to fight your corner.
Your broker might also suggest you keep schtum to your client about having insurance. Finding out you have the financial muscle of an insurer behind you can mean a couple more zeros get added to your alleged costs.
Time is of the essence
The moment a stiffly-worded letter from your client’s solicitor comes through your door is bound to be a scary one. Everyone reacts differently to bad news, and the last thing you want is to respond in the heat of the moment, only to regret it later.
Take matters into your own hands (by calling up your solicitor, for example) and you could end up invalidating your insurance. Bury your head in the sand, and you run the risk of your insurer turning down your claim on the grounds of late notification.
So, before you do anything else, call your broker as soon as possible so they can get the ball rolling on your claim. Being insurance experts, they know the process inside and out, and they know what to expect. They’ll decode any questions your insurer asks of you and make sure you give the right answers.
You are not alone
Lastly, it’s worth remembering that while dealing with an insurance claim is never a picnic, you don’t have to suffer in silence.
Your broker is ready to fight your corner any time you need them. They represent you, not the insurer, and it’s their job to make sure your interests are covered.
If things aren’t going well, they’ll go head-to-head with your insurer to argue your claim. Or, they’ll point out that helping a customer can be in the insurer’s best interests, even when not doing so would be easier and cheaper.
In other words, a broker is a business-saving tool worth having around. They have the expertise and the technical know-how to help you when things go wrong, and at no extra cost to you (beyond what you’ve already paid for your premium). Who can argue with that?
PolicyBee is an independent, digital broker with a knack for covering freelancers, sole traders, small businesses and charities. They specialise in helping people get the insurance they need quickly and easily, and without breaking the bank. So if you are looking for insurance for your VA business – then we are pleased to recommend you call one of the friendly experts at PolicyBee on 0345 222 5370 and mention VACT (to get 10% discount) or email [email protected]
Previous blogs by PolicyBee:
What insurance do you need for your Virtual Assistant business? https://www.vact.co.uk/insurance-virtual-assistant/
5 things you should ask when getting VA business insurance https://www.vact.co.uk/5-things-you-should-ask-when-getting-va-business-insurance/