# Insurance products growing in importance in 2021 and beyond
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2021-08-31
Category: INSURANCE
Category URL: https://financedigest.com/category/insurance
Meta Title: The Importance of Employers’ Liability Insurance in the
Meta Description: Learn why Employers’ Liability Insurance, Cyber Insurance, and Professional Indemnity Insurance are crucial in today's changing work environment.
URL: https://financedigest.com/insurance-products-growing-in-importance-in-2021-and-beyondhtml

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_By **Janthana Kaenprakhamroy**, CEO of Tapoly,_

It is clear that the past year has fundamentally changed the way we behave. Some people have become more cautious after spending more than a year in lockdown, but others might have become more open to taking risks and doing new things as you never know what might be around the corner. Some might have chosen to start a new business and others might be [working from home](https://www.financedigest.com/savile-row-designer-on-working-from-home-winter-attire.html "Savile Row Designer on Working From Home Winter Attire") permanently. This all impacts upon the [insurance we might need](https://www.financedigest.com/breaking-down-the-types-of-insurance-you-need.html "Breaking Down the Types of Insurance You Need") to protect ourselves, our possessions and our businesses.

Within this article I am going to take a look at some of the insurance products that are [growing in importance](https://www.financedigest.com/factbox-europe-ramps-up-coal-imports-as-energy-supply-fears-grow.html "Factbox-Europe ramps up coal imports as energy supply fears grow") for freelancers, self-employed and businesses alike so that you can make sure you have the right safeguards in place.

**Employers’** [Liability Insurance](https://www.financedigest.com/are-you-getting-what-you-are-paying-for-when-it-comes-to-cyber-liability-insurance.html "ARE YOU GETTING WHAT YOU ARE PAYING FOR WHEN IT COMES TO CYBER LIABILITY INSURANCE?")

In the UK, all [businesses that employ a minimum of 1 individual are expected](https://www.financedigest.com/t-mobile-sells-wireline-business-to-cogent-for-1-expects-hefty-charge.html "T-Mobile sells wireline business to Cogent for , expects hefty charge") to hold at least £5 million worth of Employers’ Liability cover. For some this may seem like an unnecessary expense as they might consider it unlikely that an accident will happen in the [workplace or that an employee](https://www.financedigest.com/norway-wealth-fund-employee-sues-for-workplace-gender-discrimination.html "Norway wealth fund employee sues for workplace gender discrimination") will make a claim against the company, but it is a legal expectation that is arguably growing in importance with the increase of remote or hybrid working.

With a [growing number of businesses](https://www.financedigest.com/5-considerations-when-trying-to-grow-your-business-during-a-pandemic.html "5 Considerations When Trying to Grow Your Business During a Pandemic") not requiring staff to be in the office full time, employers can lose some of the oversight over the safety of their employees. This could leave them exposed to potential [risks you are unaware](https://www.financedigest.com/businesses-unaware-of-operational-risk-caused-by-spreadsheets.html "Businesses unaware of operational risk caused by spreadsheets") of. Some of these risks might be physical with them not [working with a suitable desk](https://www.financedigest.com/how-a-clean-desk-will-make-you-more-productive-at-work.html "How a Clean Desk Will Make You More Productive at Work"), chair or other equipment, but it could also be mental or emotional if they are struggling with stress or isolation.

Employers have an [important duty of care](https://www.financedigest.com/the-importance-of-property-care-looking-after-your-business.html "The Importance of Property Care: Looking After Your Business") to make sure that wherever they and their employees are based, their staff are protected from harm. Part of this is having adequate Employers’ Liability cover in place in case there are any long term wellbeing issues, but also to fulfil their care requirements by [conducting risk](https://www.financedigest.com/how-wfo-can-help-mitigate-the-risk-of-illegal-staff-conduct.html "How WFO Can Help Mitigate the Risk of Illegal Staff Conduct") or self-assessments and showing how to create a safe working environment.

**[Cyber Insurance](https://www.financedigest.com/getting-the-most-out-of-cyber-risk-insurance.html "Getting the most out of cyber risk insurance")**

As working from home continues, so does the increased use of technology in business. Video conferencing, cloud storage and digital tools have [become embedded into the way](https://www.financedigest.com/ways-to-become-a-millionaire.html "Ways to become a millionaire") we work, but these are accompanied by unique risks. This has heightened the [importance for all businesses](https://www.financedigest.com/5-reasons-why-modernising-is-the-most-important-ongoing-process-for-any-business.html "5 Reasons Why Modernising Is The Most Important Ongoing Process For Any Business") to consider taking out Cyber Insurance.

Perhaps it used to be more applicable to tech businesses specifically, but if there is any sharing of data or information occurring within, or outside, your business, Cyber [Insurance could protect](https://www.financedigest.com/how-to-choose-the-best-income-protection-insurance.html "How to Choose the Best Income Protection Insurance") you against any accidental breaches, malware or viruses. Cyber [breaches can be very costly financially](https://www.financedigest.com/keeping-data-in-the-vault-insider-breach-risk-in-financial-services.html "Keeping data in the vault: insider breach risk in financial services"), but also for your reputation as you lose a considerable amount of consumer trust. Again, this is something important for [business owners](https://www.financedigest.com/small-business-owners-are-highly-optimistic-about-2017.html "Small Business Owners Are Highly Optimistic About 2017 ") to consider if they are planning to continue hybrid working.

**Professional Indemnity Insurance**

For some, this year has put their careers into perspective and they have realised there is another passion that they want to pursue. This could involve becoming self-employed or undertaking training for a new profession. Perhaps they have decided to take up a career in coaching, hairdressing, consulting or a yoga instructor to name just a few professions where you are typically self-employed.

If you are self-employed and not [covered by an employer’s insurance](https://www.financedigest.com/japan-insurers-to-maintain-cover-for-lng-vessels-in-russian-waters.html "Japan insurers to maintain cover for LNG vessels in Russian waters"), it is important to consider taking out your own Professional Indemnity Insurance in case of eventualities. This  gives you the vital protection you need to cover you against potential compensation payments and [legal fees if a client or customer is dissatisfied with your service and decides to sue you for bad advice](https://www.financedigest.com/some-credit-suisse-at1-bondholders-seek-legal-advice-law-firms.html "Some Credit Suisse AT1 bondholders seek legal advice -law firms"), a bad service or for negligence. It can

**Legal Expenses**

The past year has been packed with ever [changing restrictions that have been impacting the way we do business](https://www.financedigest.com/business-is-changing-is-your-culture-changing-with-it.html "Business is changing – is your culture changing with it?"). When trying to read up on the changes on the internet you can be met by conflicting sources. This is where legal expenses [insurance could provide](https://www.financedigest.com/how-insurance-providers-are-starting-to-use-adas-data-to-price-cover.html "How insurance providers are starting to use ADAS data to price cover") some assistance.

Not only would it cover your costs should you enter a legal dispute, but it also gives you access to a 24/7 legal helpline should you need some clarity over your position or how legal changes [might impact](https://www.financedigest.com/brexit-might-impact-our-migrant-pool-magazine.html "“Brexit might impact our migrant pool.”-Magazine") your business. Whilst we may have seen restrictions lifted in the UK, some uncertainty still remains that could be alleviated by some on-hand legal support.

As the way we work changes, so too should the [insurance products](https://www.financedigest.com/two-thirds-of-consumers-would-prefer-to-deal-with-a-single-provider-for-insurance-products.html "Two-thirds of consumers would prefer to deal with a single provider for insurance products") that we seek out. It is [essential that you work](https://www.financedigest.com/working-with-banks-essential-tips-for-fintechstartups.html "Working with banks – essential tips for fintechstartups") with your insurance provider if you think your situation might be changing or work with a specialist broker to find a solution that fits with your new requirements.

**_Author Bio:_**

Janthana Kaenprakhamroy is the CEO of Tapoly, winner of [Insurance Provider of the Year](https://www.financedigest.com/2020-the-paradoxical-year-that-has-reshaped-the-future-of-motor-insurance-and-related-sectors.html "2020: The paradoxical year that has reshaped the future of motor insurance and related sectors") at the British Small Business Awards 2018. Tapoly is an award-winning digital managing general agent (MGA) for SMEs and freelancers, and provides underwriting services, distribution, and an end to end white labelled SAAS (software as a service) [solution connecting insurers](https://www.financedigest.com/vias-cloud-based-solutions-ensure-painless-office-move-for-insurance-body.html "VIA’S CLOUD-BASED SOLUTIONS ENSURE PAINLESS OFFICE MOVE FOR INSURANCE BODY") with their distribution partners.

Janthana was listed by Forbes as number 6 of the Top 100 Women Founders to watch and is among the Top Ten [Insurtech Female Influencers according to The Insurance](https://www.financedigest.com/how-insurtech-is-helping-to-lower-car-insurance-rates.html "How InsurTech is Helping to Lower Car Insurance Rates") Institute. Janthana is a chartered accountant and former internal [audit director at top-tier investment banks](https://www.financedigest.com/kpmg-stands-by-audits-of-silicon-valley-bank-and-signature-bank-ft.html "KPMG stands by audits of Silicon Valley Bank and Signature Bank – FT"). More information can be found at [https://www.tapoly.com/](https://www.tapoly.com/)


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