Office Insurance – Policy Advice
Post date: February 20th, 2011 |
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There are certainly enough types of insurance available out there; enough to boggle the mind. One such insurance that is often forgotten, if it is even known about to begin with, is office insurance. Many business owners end up putting it at the end of their list of priorities because they consider it as something that can wait, but waiting can in fact have disastrous consequences. These 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?
Office equipment is covered to a certain degree by most standard property insurance policies. Unfortunately, that coverage often extends only to a low limit. Just taking a quick look around your office will reveal that the upper limit of your current policy will probably not be sufficient. When you take into account the chairs, computers, paper, copiers, desks, printers, fax machines, telephones, and other office accoutrements, it adds up fast. Even smaller businesses accumulate lots of equipment. Don’t make the mistake of eschewing separate office insurance because you assume your property insurance covers you. If an unfortunate fire or other incident occurs, you might have some trouble replacing equipment without office insurance.
More and more business is being conducted on the internet in modern times. With greater online business volume comes greater security risk. Insurance is available for theft of funds, identity, and records, but it doesn’t take much to realize that cyberspace is beyond the scope of a standard insurance policy. Unless you get tailored office insurance, you won’t be covered for any security breaches, and they can be an exorbitantly expensive proposition if left uninsured. Check into office or identity insurance that covers all employees so that you can more easily avoid lawsuits against you and your liability.
What you need to remember above all is that your office is likely not properly covered by the insurance policy that you have to cover the building itself. Take stock of what you own and decide if it is worth insuring (and it certainly will be!). If so, choose an option for office insurance before something happens and the consequences live with you for a long time.
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