20th March 2019
A Quick Guide To Office Insurance
Do I need office insurance?
In helping you to decide if you need office insurance the first thing to do is ask yourself a few questions:
- What would your business do if you were unable to access your office due to a fire or if your equipment was stolen?
- You have customers and staff visiting your office what happens if one of them is injured?
- What would happen if your business was unable to trade for a period of time?
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Now that we have identified a few common problems offices and businesses may face we can look at how an office policy that can put together.
1) What would your business do if you were unable to access your office due to a fire or if your equipment was stolen?
Office policies all have premises cover. This is known as the buildings insurance which covers for damage to your office building(s) caused by fire, lighting, flooding and earthquakes.
You should insure your office building(s) for the full cost of rebuilding them which is normally very different from the market value.
Office contents insurance covers for theft or damage of stock and business equipment. In general terms this can cover anything that isn’t permanently fixed down. For example, items such as desks, computers & cabinets would be classed as contents. Whereas fixed items such as sinks, windows and light fittings would be classed as part of the buildings.
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2) You have customers and staff visiting your office what happens if one of them is injured?
Customers: Public liability insurance will cover loss, damage or injury to a third party at your office. As a business/owner you have a duty to make your office as risk free as possible but accidents do unfortunately happen. For example, if a customer was to trip and fall which resulted in an injury to themselves whilst visiting your office your public liability insurance cover would pay out if a law suit was brought against your business.
Employees: If you employ people you are legally required to have Employers liability insurance. This will cover you if an employee is injured at work, or becomes ill as a result of the work they do for you and you are deemed labile then the insurance covers the cost of compensation to the claimant and legal fees.
By law you must have cover for at least £5 million.
NB: Your policy should cover all employees including contract, casual, season staff, student or other work placements.
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3) What would happen if your business was unable to trade for a period of time?
If your property becomes ruined your business interruption protection will cover you to pay:
- Rent.
- Overheads.
- Wages.
- And other expenses to keep your business alive. This cover can also include protection if an essential machine breaks down .
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How can I get office insurance?
You can compare office insurance by filling in one simple online form about you and your business, you will then be able to compare office insurance quotes and choose the one that suits you best