Because every office is different, your policy will be tailored to suit the needs of your business. ‘Office insurance’ is an umbrella term that can include all or some of the below policies. Check with your providers when it comes to what type of insurance is included, as you will want to consider some of the following:
Office contents insurance
Also known as business contents insurance, this protects items in your office, for example furniture and computers, as well as any other tools and equipment. These items can be protected from loss, damage or theft. This type of insurance is recommended whether you rent or own the property.
When comparing contents insurance, check that all gadgets, such as smartphones and tablets, are covered, especially if you have any particularly pricey tech. While cheap office contents insurance may seem the better option from a financial perspective, if it doesn’t fully cover the products that you most require insurance for, it could end up costing you more in the long run.
Also known as business buildings insurance, insures the building you operate in. This is valuable if you’re an office landlord and you own the space, as it will provide protection for damages to the fixtures and fittings. Typical cover provides for losses resulting from fire, flood, subsidence, theft and malicious damage.
Business interruption insurance
If the worst happens and unexpected events mean you have to stop trading, business interruption insurance will cover you for that period of inactivity. This often includes utility bills, mortgages, staff wages, your income and any profits you would have made if you’d been trading.
Employer’s liability insurance
This is a legal requirement if you employ staff. This cover protects you against both the cost of any claims and compensation, should any employees suffer from injuries while at work.
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