Why do you need commercial office insurance?
If you own or run commercial premises, it’s vital that you have the right insurance. Protecting your business from unexpected circumstances could mean the difference between continuing to trade and going bust, so it’s important to be prepared.
There are lots of things to consider when taking out commercial office insurance. Here’s what you need to know to get the right policy for you.
What type of insurance do I need for my commercial office?
Commercial building insurance
If you rent your commercial premises, your landlord should already have taken out commercial building insurance. This protects the fabric of the building against damage such as flooding or fire.
If you own your office building, you need to make sure the building is protected. This type of cover will extend to fixtures and fittings too. If the fabric of your office is damaged, the policy will pay out so you can replace or repair your office quickly.
Commercial contents insurance
Your insurance policy also needs to protect the equipment in your office. This could include computers, printers and any other equipment tools of your trade which are stored at your office.
If your office is burgled, replacing these items could mean you incur very high costs. Having commercial contents insurance in place means you can get back on your feet, and replace the items you need to keep your business running.
Public liability insurance
This type of cover is not required by law for commercial premises, however, most businesses do choose to take out public liability insurance.
It protects you financially if a claim is brought against you by a member of the public or a third party. If someone is hurt or injured on your office premises, or their property is damaged, they could make a claim against you.
Compensation costs for these types of claims can be very expensive to settle. Having public liability cover for your office can give you peace of mind.
Employers liability cover
If you have any staff at all, including part-time employees, you must by law take out employers’ liability insurance.
This type of cover will payout in the event that a member of staff makes a claim against you.
If you keep any sort of stock at your commercial premises or offices, you might want to consider also taking stock of insurance.
If any of your stock is accidentally damaged – for example by flooding – or stolen, stock insurance means you can quickly replace your goods.
Frequently Asked Questions
I work from home. Do I still need commercial insurance?
Standard home insurance policies will not cover your home for business use. If you work from home, you should talk to your insurance provider about adding dedicated commercial office insurance cover to your policy.
How can I save money on my commercial office insurance?
The cost of your policy will depend on lots of factors. One way to reduce the cost of premiums is to demonstrate that you are also reducing the risk of a claim, making sure that your office premises are kept securely with alarms or CCTV cameras where appropriate.
I run a small business, do I need public liability insurance?
Public liability insurance is not required by law, however, it is a good idea to take it out if you run a small business. Even if your business does not regularly come into contact with members of the public, accidents can still happen, so it’s wise to be protected.