Running or managing an office requires a certain level of insurance that exceeds the standards offered by buildings and contents policies. Insurance for office space will need to cover the building, equipment inside, and the people that work there, making it a safe working environment for everyone.
Business insurance policies will cover the existential aspects of running a business, but your office will need further protection against things like fire, damage, and theft, as well as liability cover for employees and members of the public.
If your office becomes unusable and you need to close down your business, this will cover the lost income
Office Renter Insurance
There are three areas that need to be covered as part of your office insurance policy – the premises and its equipment, the staff who work there, and the business itself. Each one of the three requires its own set of policy features if you are to be fully protected against all possibilities.
Your actual bricks and mortar location will often the hub of operations for your business. We recommend the following coverage:
Buildings Insurance This is recommended in case of an event that would leave the building in a state of disrepair. A fire, flooding, of electrical damage would result in a dangerous working environment and even a stop to business. Office buildings insurance will pay out the cost of repairing whatever damage has been caused to the overall structure of the building itself
Contents Insurance Equipment such as computers, POS systems, desks and office chairs, electronic whiteboards etc, are mission-critical to a lot of businesses. In the event of fire/water damage or theft, you will need to have everything replaced quickly in order to carry on working smoothly. With contents insurance, those costs will be covered so you can return to normal without delay
Public and Employer Liability
Your staff have the right to a safe and healthy working environment when they come to the office each day, and there are a number of ways you can ensure that, least of all by putting in place liability insurance for your employees.
Employers’ Liability Insurance This is an integral part of running an office. Business owners are required by law to have employers’ liability insurance in place, and not having a policy of this type can result in fines of up to £2500 per day. Employers’ liability insurance will cover the medical, legal and compensation costs that can arise from claims made by employees against you. Not only will injury or illness cause them to be out of work and therefore out of pocket, but if will detrimentally affect the running of your business, so it is in everyone’s interests to make sure this policy is effective.
Public Liability Insurance The average office can be visited by any number of different people – from guests and visitors to the business, contractors, workmen, or customers. It is important that, should any accident or injury happen to them, you are covered against any potential claims made against you. Slipping on a splash of coffee in the kitchen, to an electric shock from poorly wired computers can lead injury and, even if it is an accident, you would be held liable and could end up forking out a significant amount.
When it comes to your office, the needs of the business are more than likely at the forefront of your mind. If, for any reason, your office is not able to be used for a period of time, you will experience loss of income and large pay outs.
Business Interruption During times when your office is not operational, you will still be expected to pay staff, as well as the costs of bringing your building back to a usable standard. Business interruption insurance guarantees you an income during this time, which can be a lifeline during times of instability. This feature is highly recommended, as your customers and staff will expect certain levels to be upheld even with extenuating circumstances
Money Cover Although a lot of business-critical transactions take place online nowadays, there are some businesses that keep cash onsite for any number of reasons. In the event of a theft of this money, your business needs to have it replaced as soon as possible which is where money cover comes in
Yes, even if you do not have an office alarm fitted, this should still be fine for most insurers. However, having an alarm may help to reduce the premiums you will pay for your office insurance policy, and so it may indeed be worth investing in an alarm. The better your security, the lower your premiums are likely to be.
When insuring your office, you will need buildings insurance, contents insurance, fixtures and fittings cover, shop front cover (if you own a retail store), and stock cover, amongst others that different insurers may offer. Office insurance policies can be tailored to fit your needs.
We do the hard work for you. Instead of trawling through quote after quote, filling your details in a number of times, we will instead process your details and submit them to a number of insurers in order to find you the best deal out there! Hassle free, and all you have to do is fill out one form. You will then receive a quote for your office insurance needs.
The details of this will be included in the details of the policy. Usually, however, an intruder alarm may be needed. A high level of security may also help to reduce the amount you pay for your office insurance and so it may prove beneficial to invest in some effective security measures.
This is cover for your contents or equipment away from the office premises, such as laptops you may need to take with you when visiting a client for example. This can be a handy addition to basic office insurance.
It is vital you insure your office in order to protect you and your staff. Office insurance must be tailored to your specific requirements and can be added on to your business insurance policy. Public liability insurance will enable you to meet your liabilities to members of the public who are injured in your office, while employers liability insurance will cover you for injuries to employees while they are working for you.