Office Insurance – The facts
2018 02 13
Office Insurance: what does that mean? Office Insurance is a business insurance with three key areas of protection. It is specifically designed with office workers in mind, thus is encompasses literature to protect employees, in addition to other assets specific to an office based business.
What does Office Insurance include?
As aforementioned, this type of insurance primarily covers 3 main aspects:
- The premises, buildings and contents;
- Staff, employees and visitors;
- The protection of out-going costs.
The three aspects mentioned above are designed to protect all facets of your business; the mandatory protection of employees and other vulnerabilities such as loss of product or the unforeseen closure of your business. It also protects you in the event of legal pursuits made on behalf of visitors, employees and other staff members. Furthermore, the premises, office equipment, furniture etc. are protected in the case of theft, fire or other damages.
This is a comprehensive insurance policy, particularly designed for office staff and office based work. Thus its intention is to be simple to employ and efficient in its content.
Who within the hierarchy of the company should obtain the insurance?
This insurance policy, like other insurance policies, is designed for the business owners. Although we acknowledge that certain aspects of Office Insurance may not be applicable for your business, it is still imperative that you as the business owner have purchased a business insurance and that those who run the company have knowledge of the insurance cover you have.
If you are a manager, director or chairperson etc. and you are unaware of the business insurance policy in place, then it is integral that you acquire that knowledge as soon as possible. You could be liable without your knowing and it is essential for your own career development, that you know how you and other employees etc. are being protected.
How can Office Insurance be beneficial?
Business insurance in most cases is mandatory; however, beyond any legal obligation, business insurance is designed to protect you, the business and your employees. Office insurance can protect you financially in many different ways. You could make a claim to cover costs of damage to your office(s), loss of funds due to theft, accidental injury of staff or visitors. It can also cover protection of assets and funds if your business has to prematurely or abruptly close, or if products are lost/damaged etc.
This type of insurance is highly beneficial if you are running a complex business and orchestrating multiple employees, perhaps multiple offices and sites. It is invaluable to have, especially if something were to go wrong. Without insurance, you could bankrupt the company on legal fees alone if a claim was made against you or your business.
Frequently Asked Questions
If I have an Office Insurance policy, do I need anything else?
Not necessarily. This type of business insurance should cover all aspects of office based work. However, if your business is more complex, perhaps you also produce and/or transport goods, then you may need a ‘bolt-on’ as such. Marine Cargo Insurance may also need to be added into your policy if you are transporting goods, as this type of insurance doesn’t necessarily cover loss, damage or theft of goods once they are on transit.
For more information, call a reputable insurance broker or your existing company in order to discuss what your policy already does include (if you already have one) and perhaps what you need to add on to it, to get the cover you really want and need.
What should I do if I don’t need everything that Office Insurance covers?
Potentially it means that this type of cover isn’t for you. That’s not a problem though, as there are many other types of policies which could cover you in the way you need them to. If you do not own the buildings or premises and are renting instead, then perhaps this facet is unimportant to you. Instead you may be interested in a Commercial Combined insurance policy or perhaps simply the statutory Employers’ Liability Insurance policy.
Any reputable insurance broker would be happy to discuss your options to ensure they have the best policy for you. Feel free to ask questions, tell them about your company and what it entails; together you can choose or create a policy which is 100% what you need.
How much will Office Insurance cost me?
That is tricky to answer, as all policies and companies have different rates based on the information you have provided. If you have a larger company, where you need to ensure a larger amount of money is available in the case of a claim, then your premium will be higher, as it would be, say if you had an expensive car to insure. The broker will weigh up potential pay out versus what you would be paying in on a monthly or annual basis. This helps the broker or company decide how they can best formulate your policy.
If you are concerned about payment, discuss it with your broker. They are there to find the best solution for you, and a payment plan may also be a part of that service—especially if you are a start-up company. Also query year on year rates, will it go down after the first year? What sort of premium would you be paying in the case of a claim? Can you make a claim straight away? Is there a limit? Ensure all your questions are answered. Anything which is of concern is important to query as you are meant to feel secure in your policy, not unsure of the repercussions.