Office Insurance

Why do you need office insurance?

If you run a business, it is important to make sure you have the right office insurance. This applies whether you run a small business or a large commercial organisation. The office is the hub of any business, and any disruption can have a huge impact on a business. If vital types of equipment like computers are stolen or damaged, having the right insurance in place can mean getting things up and running again quickly.

Types of office insurance cover

Most office insurance policies will cover three broad areas:

• The premises and equipment
• Customers and staff
• Outgoing costs should you have to stop trading

Office premises and equipment cover

The exact policy you need depends on whether you own or lease your office building. Buildings insurance is needed if you own the office, to cover damage to the fabric of the building itself. If you lease office premises, your landlord should have buildings insurance cover arranged as part of the commercial property agreement.

Home offices may need a separate cover. Not all residential insurers provide cover if part of the home is used for commercial or business. Check your policy carefully to make sure your cover reflects your needs.

Office Contents insurance

Your office may contain valuable equipment. Office contents insurance will cover the replacement of items like computers, laptops, or phones in the event of theft, fire or damage.

Fixtures and fittings cover

As well as insuring the contents of your office, it pays to cover the fixtures and fittings. It costs a lot to replace things like carpets, shelving, or kitchen units. Including these types of items on your office insurance policy can reduce the costs in the event of flood or fire damage.

Shopfront cover

Business operating shop front premises might need to consider a shop front cover. This will include cover for things like external signage, shutters, windows and awnings which might be damaged, and limit your ability to trade.

Stock cover

Lots of businesses hold thousands of pounds worth of stock. It is possible to insure against loss if the stock is stolen, or damaged in any way with stock insurance cover. Check with your insurance provider about what is covered. Many businesses will need to take out additional stock insurance cover as well as standard contents cover.

Policies available to cover the liability

There are several liability insurance options available to cover the liability of a business. Here are some of the main covers:

Public liability office insurance

This protects members of the public on company premises. It is up to business owners to make sure visitors are safe, and that the risk of accidents is low. However, in the event that someone is injured or hurt, business public liability insurance would cover the costs if a claim was brought.

Employers liability insurance

Business owners must have insurance to cover staff working at an office. This applies regardless of the size of the business and includes small businesses. Employers liability insurance is also needed if your business uses freelance or volunteer staff too.

The policy should cover any costs associated if a staff member is injured, or suffers damage from a situation that an employer is liable for. The minimum cover required by law is £ 5 million.

Professional indemnity insurance

If your business offers advice to clients, your insurance might also include professional indemnity insurance. If a client brings a legal case against a business, this type of policy will cover any legal fees your defence incurs. It may also cover the costs of compensation if required.

How to find cheap office insurance?

• Shopping around to compare different office insurance policies is the best way to get the right deal.
• Think about what specific risks your office needs to be covered. Does it contain specialist equipment, or fixtures and fittings?
• Make sure your premises are secure. Fitting security measures like CCTV, or alarms may lower your premiums
• If your office holds stock, fitting additional secure storage may also lower the cost of insurance
• Make sure when comparing office insurance quotes that your policy covers any sector-specific risks for your business