Most businesses protect their assets and property through various types of insurance. One kind of insurance that a large number of people forget about, however, is office insurance. Even those who know that their business needs insurance can become confused by the number of options available. There are some points to consider when buying insurance for your office.
Two of the most important aspects of office insurance are business interruption cover and public / employers liability cover. The first of those will see that you are not left severely out of pocket should some unforeseen event occur which means that you have to stop doing business for a period of time. For example, should your premises be burnt down by a fire, you will not only be able to claim for the cost of getting your office up and running again, but also for the lost income. Public and employers liability cover is essential really, especially in these days of so called ‘ambulance chasing’. If an employee or visiting client, for example, slips and hurts themselves on a wet floor in your office, you will be liable to pay them compensation. Could you afford to do so without having the right insurance?
It’s not that a standard property insurance policy does not cover an office at all, but the coverage is usually quite limited. The extent to which office equipment is covered is usually quite low. Make even a cursory scan of your office and you will quickly realize that the value of the equipment runs into 5 figures – at least. Just make a tally of the chairs, desks, printers, computers, copiers, scanners, fax machines, and phones. You’ve exceeded the insurance policy’s coverage probably before your list is even complete. For a business that has even a few employees, a great risk is being taken. Don’t get caught off guard by thinking that you don’t need separate office insurance.
A large amount of business traffic is traveling the byways of the information superhighway. As businesses place more and more emphasis on internet dealings, security risks become a greater danger. Office insurance is available to cover records, identity, and funds if the unthinkable happens. Standard insurance policies won’t cover these items. Find office insurance that does. Make sure it covers both you and your employees because liability lawsuits can get ugly and expensive.
At the end of the day, your office probably requires greater coverage than the non-specialist policy that you currently have. Look at what your office is comprised of and inventory it. Then, choose coverage that will protect it fully in the event that something untoward happens.