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Guide to Business Insurance (Series) – Office Insurance

This is part three of a whole series of business insurance related guides – see all of the guides in this series.

So, we are sure you are here to understand exactly what Office Insurance is, right? Well, it’s a policy that can often provide all the many and varied forms of protection required to leave your office-based business’ finances safe and secure, whatever happens.

What is covered?

1. Your Office Building

If you have your very own office, then you’ll need to cover the building in the event of a fire, etc. However, if you rent a premise then it is your landlord’s responsibility to arrange for building cover. It’s important to bear in mind that if you make any alterations to the building, such as installing a new kitchen, office room, etc. then you will need to cover this yourself as it’s not the landlord’s responsibility (unless confirmed elsewhere). Remember this tip: If you turn your office upside down, everything that falls is considered contents whilst everything that ‘sticks’ is considered buildings.

2. Your Equipment

Nowadays, an office is driven by computers and the Internet. It’s likely that without them, your business won’t continue to make a profit. Imagine if your server overheats and you need to buy a replacement, that can be quite a big unexpected expense and something I’m sure you would prefer not to fork out for.

3. Staff

Commonly referred to as ‘Employer’s Liability Insurance’ – you can find out more here. This is actually a legal requirement.

4. Your Customers

Known as ‘Public Liability Insurance’ (PL) – find out more here. This is only relevant for Office’s that have clients visit. Likelihood is, you’ll have clients visit and whilst we’re sure you make your office as risk-free as possible, accidents do happen. This policy will cover you should a client fall and hurt themselves then file a lawsuit, your PL cover will pay out.

5. Business Interruption

If your business experiences an almost cataclysmic event (think building fire) and your business will be unable to operate for however long, then Business Interruption will cover the essential payments. This includes:

  • Staff wages
  • Important overheads (rent)

This cover will keep your business alive whilst the problem is resolved.

And that’s Office Insurance in a nutshell

It’s important to remember that this policy covers an office generically, you may need to consider other specialist policies to ensure your business is effectively covered. For example, if you store stock in your office then this wouldn’t be covered by default. Every industry is different and there is quite a mind field of different policies out there.

We invite you to give us a call and we’ll create a bespoke package based on your business’s requirements.

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