Business Office Insurance
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What is business office insurance?
Having the right insurance for your office or business is important. It’s not just your office equipment that needs protecting from theft or damage either. Making sure that you and your employees are fully protected is a key part of running a successful business.
Business office insurance covers the main risks. Depending on the nature of your business, there are certain types of cover that you should consider as part of your insurance policy:
Public liability cover
If someone is hurt or their property is damaged while they are in your office, you could be held liable. Defending a claim for compensation can run into the thousands, so it’s important to protect your business.
Public liability insurance will cover any costs arising from third party claims, leaving you free to concentrate on running your business.
Office premises insurance
Trying to run a business if your office is damaged by fire or flood can be nearly impossible. If the worst happens, office buildings insurance will cover any damage to the building and fixtures and fittings, so you can quickly get things back to normal.
For rented office premises, the landlord will usually be responsible for arranging this cover.
Office contents insurance
The contents of your office should be insured against theft and damage. Replacing costly items like computers or any other type of office equipment can leave you significantly out of pocket. Business contents insurance will cover the cost of replacements so you can keep the business running.
Employer’s liability cover
This type of cover protects both you and your staff. If you have any employees, you must have employers’ liability cover in place by law. The policy will cover the cost of any compensation claims. For example, if an employee is injured at work, or claims that they have been treated unfairly or discriminated they could bring a case against you.
How much does office business insurance cost?
The exact cost of your office insurance will depend on a number of factors. Things like the size and nature of your business, where you trade, how many staff you have and the level of cover you need will all affect your premium costs.
What is professional indemnity cover?
If your business offers advice or professional services, professional indemnity cover will protect you from any financial losses incurred by your client if things go wrong. If your customer claims you have been negligent, or given misleading advice, this policy will cover the costs of defending a claim.
How can I save money on my office insurance quote?
The best way to get a good price on your premium is to compare a range of quotes. Talk to your insurer about which types of office insurance are best for your circumstances, and make sure you’re not paying for cover you don’t need (e.g. if you don’t have any staff, you won’t need employers’ liability cover!)
It also pays to reduce the risk of things going wrong as far as possible, by keeping your office secure, and ensuring all staff are properly trained.