Office insurance essentially targets the businesses that use any commercial property as office. For every industry specialized polices are introduced to cater the needs of that industry. Similarly, office insurance focuses on the needs of those clients who run the offices.
Whether your office building is big or small, it is essential part of your business. So it isof great importance that your office space is suitably protected.It is advisable for office owners to have an insurance policy to protect their offices.
In case of any unforeseen circumstances such as fire, natural calamity and robbery, which can impact your income outcomes, your office insurance provides you sigh of relief. Specially, for small business owners it highly recommended to get their offices insured and protected.
Office insurance provides you protection against any harm done to your office premises, any business disruption that results in loss of revenue and apparatus breakdown. It also provides the insurance cover for office contents.
While finalizing your office insurance policy keep the following benefits in mind. If any insurance policy does not provide these benefits, leave it.
Public liability insurance
Public liability insurance not only protects you, but it also protect your customers. It is your responsibility as the owner of the office to make it as risk free as possible.
If third party suffers any injury or loss in your office premises, public liability insurance covers it for you. For example, if someone in your office falls from your office building, your office insurance covers for the public liability.
Employer’s liability insurance
Employer liability insurance provides you sufficient amount that you need to pay damages to the members of your staff from suffering any injury or damage during performing any task you, as their employer, are liable for.
You can have this insurance even for freelance or volunteer workers as well. It provides you ample funds to compensate against their claims.
Insurance of office building
This insurance policy provides insurance for the building of your office. In case of any damage to the building structure of your office, your insurance policy will cover the cost of damage to your building.
Office contents insurance
Office contents insurance provides insurance for the contents of the office,for example, desk, computers, documents, furniture and cupboards. This policy if offered to those who have specific office building, and to those who have home based offices.
This insurance policy covers your office contents against hazards such as theft, fire and water damage, even if the possessions are provisionally outside the premises of the workplace.
What is not covered by office insurance?
This insurance policy does not cover the following things.
- Damages done during the earthquakes, floods and other natural calamities.
- Utilities
- Repairing the computers etc
As mentioned above, the office insurance policy provides many benefits for the office owners. But, getting the right policy is not an easy task.
Most of the times, when you go for policy hunting you fell prey to the false conjectures of the employees of the insurance company. Besides, you do not equip yourself with the essential knowledge and market competitive rates. It results in following mistakes.
Mistakes people make with Office Insurance:
- What is already insured?
While settling for your final insurance policy people do not check what is already being insured. If building is already insured by landlord insurance, you do not need to get it insured again.
Similarly, if the contents are already insured, you can exclude them from the policy.
- Difference between natural calamities and routine hazards
Some people do not differentiate between the natural calamities and routine hazard. It results in enlisting of every routine hazard as natural calamity, which makes your insurance company not liable to pay you during routine hazards.
- Paying too much
While deciding your policy, many of you do not research well. It eventually lands you in hot waters, especially when you have to pay the cost of insurance policy. Try to add minimum things and exclude those items which already have been insured.
- Not having interruption in business insurance
Many people forget to include this clause in their insurance policy. For any reason, if your office becomes dysfunctional for time being and you are unable to run your office, your insure company would provide you money to sustain your business.
Business interruption protection will provide you funds so you can continue paying rents, salaries and other expenses which you have to bear in order to keep things going.
As long as you are able to put your business on foots again, this insurance will keep bearing the expenses to make your survival in market possible. So, do not forget to include it in your insurance policy.