Office insurance is important whether you work from a business premises or home. There are many risks that your office may face, from flood, fire and theft and accidental damage to liability issues and interruption of business.
Every business is different so your requirements may vary from that of another. Here, however, are some frequently asked questions about office insurance.
Note that policy details and features may vary depending on your insurer, so the following should be used as a guide only. Always speak to your insurer if you are unclear about any aspect of your office cover.
What does employers’ liability cover?
This protects you financially from claim made by employees and ex-employees following death, injury or illness which may be attributed to your premises, or, the employee in their role.
Are my business vehicles covered under the policy?
No, you will need separate commercial vehicle cover to protect your company cars / vans.
What is All Risks cover?
This is cover for your contents or equipment for when it is taken away from the office premises for business purposes. For example, if you need to take a laptop to meetings with you, it can be covered outside the office, typically for an additional fee.
I don’t have an alarm on my property can I still get insurance?
This will depend on the type of business you run and your premises. Some insurers may make it a condition of your cover that you have an alarm. Others may not.
You may find that you get more favourable insurance rates for having extra security at your office.
Is there a limit to the amount of people that can be employed and covered under the policy?
In most cases, no. If you are unsure, speak to your insurer.
What different types of cover are available?
There are a number of options available. Which is most appropriate for you will depend on whether you own or rent the premises as well as what happens at your business (eg. if it is a shop, it will have a heavy footfall. This may typcially need a different level of insurance to a small office where there are rarely visitors).
Typically, office insurance can cover:
- buildings insurance
- contents insurance;
- fixtures and fittings cover;
- the shop front cover(if you own a retail store);
- stock cover;
- business interruption.
What is business interruption insurance?
This basically covers your business against the loss of time trading. So, if your business suffered fire or flood damage and you were unable to trade / run your business for several days or weeks, office insurance will help pay towards loss of earnings.
This cover is usually an additional option that can be added to most office insurance cover.
Why do I need office insurance?
Office insurance will protect you and your staff. Some elements of cover, such as employers’ liability insurance and public liability insurance may be mandatory. Liability cover protects you financially against any third party claims for loss, damage, illness or even death that occurred as a result of carrying out a business role or being on your premises.
Equipment and stock cover means that should you suffer loss, theft or damage etc, you won’t have to pay for their replacement out of your business finances.
Office insurance covers a wide range of risks and hazards – check with your insurer if you are unclear as to what your cover entails.