Is Remote Working Going to Continue? What is Your Commercial Risk Profile?

For many businesses, remote working is likely to continue indefinitely and may become the permanent preferred mode of employment for some.

That has implications for workers compensa­tion, employment practices liability, general liability, cybersecurity, business auto, business inventory, and commercial building insurance among other possible coverages.

Your company needs to take a new look at your risk profile. Among the concerns you should address immediately are your workers compensation stipulations for remote workers and your non-owned business auto coverage for employees who now must travel for business that previously occurred on your premises. Does your commercial contents insurance cover business inventory or property that is now housed at an employee’s residence? And how secure are the computer networks your employees are using? Are their Wi-Fi systems, computers and smartphones hardened against hackers? Ransomware attacks and social engineering scams are on the rise. Is your coverage keeping up with these threats?

Consider if your employees will now be hosting meetings, pickups or drop-offs at their homes. What if a client falls down their steps or is bitten by their dog? And what does the lower quantity of computers and other busi­ness contents at your commercial premises mean for your commercial property policy? If you haven’t already reviewed all these consid­erations, it’s a good idea to do so now. It may change your insurance needs substantially.