As a business owner, you’ll know how important it is to look after the wellbeing of your team. Your employees are your most valuable asset and that’s why it’s important to ensure they’re working as effectively as possible.
As we emerge from the coronavirus pandemic and life returns to normal, one change that looks likely to stay is remote working. According to data from the Office for National Statistics (ONS), more than a third of Brits do so at least some of the time.
Of course, while this can make your employees happier and more productive, there can be other things to consider. For example, if a team member hurt themselves while working from home then it could pose potential insurance issues.
With this in mind, read on to find out why it’s so important for agency owners to have comprehensive cover and how working with a broker can help you.
During the coronavirus pandemic, many companies allowed their employees to work flexibly from home, as it offered a variety of benefits. Not only did it reduce the chance of a team member falling ill, but it also helped boost productivity and wellbeing.
As we discussed in a previous article, giving employees the option to work from home can help to boost their mental health and reduce the risk of burnout. At a time when the cost of living crisis has made many people more stressed than usual, this can be very useful.
But while giving your team the option to work remotely can provide a boost for your teams’ mental wellbeing, the benefits don’t stop there.
Research published by the London School of Economics shows that employees who are allowed to work from home are significantly more productive. The study found that remote workers showed 75% more engagement with tasks compared to those who did their job from the office.
Furthermore, they showed much higher levels of innovation and inspiration, both of which can be invaluable in the creative sector.
But while allowing your team to work from home can help them to be more efficient, there could be other things to consider. One of the biggest is the serious implications it could have for your agency’s financial cover.
When growing your business, knowing that you’re protected against unexpected issues arising can give you invaluable peace of mind. This is why it’s essential to know that your cover is right for your needs.
If you work with a team, one of the most important types of protection is Employer’s Liability Insurance. While you might try to make a workplace as safe as possible, accidents can always happen and when they do, this type of cover can be very useful.
Of course, when your team work remotely this can complicate matters. While you may not think an employee’s home is particularly unsafe, problems can still arise. For example, issues like repetitive strain injury or back pain can be a risk.
If such problems did arise, you may have to pay them compensation, which can obviously be very expensive. This is where Employer’s Liability Insurance comes in, as it can help to cover this cost.
Of course, while this type of cover sometimes offers protection for remote workers, this isn’t always the case as policies can vary between insurers. Unless clearly specified, not all roles and jobs may be covered if an employee chooses to work from home.
Without comprehensive cover, if one of your staff accidentally hurts themselves you would have to pay the compensation costs out of pocket. This could pose a serious problem for your agency, as it may eat into your cash reserves.
Of course, if you want to avoid this then seeking professional advice about your protection needs can be invaluable.
When comparing your protection options, it can be easy to be overwhelmed by the sheer amount of choice. As such, comparing every provider to find the cover you need can be a lengthy process.
One of the main benefits of working with a broker is they can scour the market on your behalf to ensure they find the protection that’s right for you. This can save you a significant amount of time and give you one less thing to worry about.
Furthermore, if you’re concerned that allowing your team to work from home will affect the cost of your premiums, working with a professional can also help. A broker can compare a wide range of providers to ensure that you don’t need to pay any more than you have to for your cover.
When it comes to running an agency, knowing that you’ve got the right protection in place can help to give you greater peace of mind, so you can focus on managing your agency effectively.
If you want to ensure that your business and team are fully protected against the unexpected, we can help. To find out more, email firstname.lastname@example.org or use our contact form to request a callback from our team.