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As UK unemployment continues to rise, online small-business insurance provider, Insurantz.com, has identified the latest job craze to come out of the recession - reporting a surge in resourceful Brits becoming ‘virtual assistants’.
The rapidly growing number of virtual assistants, who work from home to offer remote affordable administrative support to companies, resulted from businesses seeking to cut costs by hiring temporary or project based support where needed. The UK Association of Virtual Assistants has also seen a dramatic increase in membership during the recession, with enquiries from aspiring virtual assistants increasing three fold compared to last year.
A virtual assistant can expect to earn up to £30 per hour and can choose work to fit in with their routine. Yet while the rewards can be great, Insurantz has warned that many could be at risk if they fail to get adequate insurance cover to match their flexible lifestyle.
James Pickering, managing director for Insurantz.com, said: “It’s a big leap to go from a full time employee to a virtual assistant and business owner and those who make the transition need to be fully prepared for the potential risks they are taking on, especially as the majority will be becoming self-employed for the first time.”
As virtual assistants are still a fairly new phenomenon in the UK, Insurantz.com has warned of the danger that people will not treat it in the same way as other more established professions. The reality is that virtual assistants face the same risk as any other business and need to ensure they have adequate cover to protect them if the worst happens.
“Many virtual assistants who operate from home mistakenly assume their business is covered by their home contents policy but in many cases it will not be. For those that do cater for home businesses, it is important to update your policy with details of your new business venture, as failure to do so could not only leave your business exposed to huge risk, but may well invalidate your home contents policy altogether” said James Pickering.
For businesses that may have cut down their office space to reduce overheads, or self employed companies who operate from home, hiring a virtual assistant to help out with tasks like reports, newsletters, online communications, or personal assistant duties, can be a convenient and cost effective option.
Justine Curtis, founder of the UK Association of Virtual Assistants, said: “We have seen demand for virtual assistants take off this year, and likewise we are seeing a boom in people from all sorts of backgrounds approach us about starting up their own virtual assistant business. We strongly advise anybody thinking of becoming a virtual assistant to make sure they have the correct insurance in place. Juggling multiple clients and deadlines means that mistakes can happen and if a virtual assistant was to be sued for negligence, the legal costs alone can be crippling.”
Insurantz.com offers tailored insurance policies for virtual assistants at the click of a button. The virtual assistant package includes public liability cover up to £10m and professional indemnity cover up to £2m - they will even provide you with a free business advice service which can be accessed online or over the phone. For more information visit www.insurantz.com
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