Why your Office needs Insurance
We often get asked by businesses “Do I really need office insurance?”. Insurance for offices essentially protects the income of a business should an unexpected event happen that means you’d either have costs to pay to rectify the damage, or you’re not trading as you normally would.
How Important Is Office Insurance?
Your office and everything in it is essential to ensure normal business resumes each day. This includes your staff, contents, building and your income. Your business relies on these factors to make an income. However as much you try to protect your business, accidents and unexpected events can occur.
- Water leaks
- Accidental damage
- Compensation claims
You can’t predict these events happening, but you can ensure that in the event of them occurring, your business is covered. This will protect you from huge losses that could irreversibly damage your business.
What Cover Is Needed?
If you employ any staff, the only cover required by law is Employer’s Liability insurance. As a business, you’ll implement health and safety procedures as best you can, but it’s still possible for accidents to happen. Employees are entitled to make a claim against your business if they have suffered an illness or injury as a result of a negligent act on your behalf. While not required by law, Public Liability insurance is also available, protecting against claims made by a third party if they were injured on your premises.
Loss of Earnings:
Unexpected events can unfortunately lead to either trade being ceased temporarily or your business not being able to operate at full capacity. To cover you for things like wages, overheads and utility bills, Business Interruption insurance is needed.
Building & Contents Insurance:
Building insurance is only needed if you own the premises. This covers the actual fabric of the building including doors, walls, floors, ceilings and windows/glass etc. Office Contents Insurance covers the actual items within the premises. This would include cash on site, equipment (and data), furniture, personal items and anything else you wish to cover.
Are There Other Policies I Should Consider?
Every business is different and will each have their own requirements depending on where they’re located and the type of business they run. Speaking to a broker can help you with the various covers you may need. Some of these can run alongside your insurance or can be added in as optional extras. Consider:
- Additional policies to run alongside office insurance such as business travel or legal expenses insurance
- Is your office of unusual construction or in a high risk location?
- Terrorism cover – this may be suitable if you are located in London or if your business is near a potential terrorist target such as a Government building
- Does your office have high value equipment?
- Are you covered for financial losses to customers should you make an error? Professional Indemnity (PI) covers
Insurance for Offices
Invicta Business is a insurance broker based in Kent and has the experts you need to make an informed decision. Call now on 0330 0450032 and one of our team will help you with any insurance enquiry. We can put together a bespoke package for you based on your business needs so you have the peace of mind your office and business are protected.