There are so many different types of insurance policies on the market, how do you know which is the right one for your business premises? In our experience, Office Insurance is a good way to ensure that your establishment is protected in the wake of any eventuality.
What is Office Insurance?
Office Insurance is a way to incorporate a number of different types of insurance within one simple package to make sure that your working environment is covered in the event of a serious incident such as flood, fire, storm damage, burglary, escape of water, etc.
What does Office Insurance cover?
The types of insurance provided under an Office Insurance policy may vary depending on the provider you choose. Typically, most Office Insurance policies include or can be extended to include the following insurance types:
- Damage to buildings
- Damage to contents, stock, computers or business records
- Loss of income or gross profit due to (insured) damage
- Employers Liability
- Public Liability
- Directors Liability
- Products Liability
- Commercial legal expenses
The great thing about Office Insurance is that you can pick and choose which insurance types you need and create one tailored package which suits your individual business needs.
Who needs Office Insurance?
Office Insurance applies to all business types, large or small. Cover can be adapted so that your employees and your property are protected from unforeseen risks whether you lease or own the premises. If your office is rented there will be further considerations which are outlined below.
What should you consider when purchasing Office Insurance?
1. Check the values insured and associated limits
Office Insurance policies tend to include clauses which set out the limits and values that your underwriter will cover you for. If you need more or less cover you will need to negotiate this with your insurance advisor.
It is important to be aware of any limitations set out in your policy as, if you simply accept the limits provided, you may find that you do not have sufficient cover for all your contents or your business income.
2. Check what is covered by your landlord’s insurance
If you rent your business premises, there are several aspects that may be covered by your landlord’s insurance cover. This will usually include buildings insurance and subsequently protection for fixtures and fittings (E.g. permanent, non-movable fixtures in your office). If this is the case then you will not need to include these elements in your Office Insurance policy.
3. Check for stock cover
It may be that your office is not the primary storage location for stock but you may have samples or small levels of stock on site. It’s important to note that stock is dealt with differently from your general contents, therefore, you will need to check your policy to see where you stand and make sure that you are covered in case your stock gets damaged.
4. Make sure that you have read and understood the ‘Small print’
Most Office Insurance policies are accompanied by a document referred to as a ”Statement of Fact”. This statement is usually based on a number of assumptions that the insurance company has made about you and your business plus any information that you have provided. Make sure that the “Statement of Fact” accurately reflects your business. Failure to do so could mean that your cover is affected or worst case scenario rendered void.
5. And finally…check your locks!
It may seem simple but locks form part of your Office Insurance minimum security requirements, and it’s vital that you comply with these. If you don’t have control over the locks in your premises and you can’t make the necessary changes so that you adhere to these obligations, a Business Insurance Broker will be better placed to negotiate with the Insurers on your behalf.
What are the next steps?
Get in touch!
If you are interested in finding out more about Office Insurance or any other aspect of our Insurance services, please contact BCR Associates on 03330 433233.