Setting up a business is a significant investment and this makes insurance essential. Office building insurance is very important for small businesses such as restaurants, shops, and pubs. There are different types of policies to choose from and you can customize them to suit your particular business needs.
Office Buildings Insurance
This policy is designed to insure business premises against fire and fire damage. It is necessary if you own the premises. If you are renting the premises, it is important to make sure the landlord has this policy.
Business owners also need to protect the contents of their premises against theft, loss, destruction, and damage. This policy will cater for repair expenses in case of damage. It will also cater for replacements if the contents are stolen, lost, or destroyed.
Fixtures and Fittings Policy
Your fittings and fixtures also need to be insured. This policy covers display cases, counters, flooring, kitchen units, and shelving.
Shop Front Cover
Restaurants and retail outlets also need to insure the front area of their premises in case of damage to the signage, windows, and awnings.
If you have a business that handles stock, it is important to insure it. This policy is different from the contents insurance. Your stock can be worth thousands of pounds or more and the cover will cater for the cost of replacing it in case of theft, loss, or damage.
Legal Expenses Insurance
Legal disputes tend to be very expensive and this makes it necessary to get legal expenses insurance. This insurance will cover any claims that involve compensation awards, tax disputes, property protection, and employment disputes.
Business Interruption Insurance
Unforeseen incidents such as a theft, floor, or fire can disrupt your business. This insurance allows you to keep running your operations and maintain relationships with suppliers and customers in such situations. The insurance will protect your business from any incidents, which can lead to income loss.
Portable Equipment Insurance
A variety of portable equipment is used especially in small businesses. This cover protects laptops and other equipment that you use to interact with your customers and staff. It will protect mobile phones, hand held devices, digital cameras, video cameras, printers, projectors, and hardware.
Office Insurance Tips
- Make sure you choose a cover that meets your individual business needs.
- Choose covers carefully to make sure all your essential items are protected.
- Go through the policy in detail to identify any aspects that may affect your cover in case of damage or theft.
- It is important to note the difference between the market value and the rebuild value when you are purchasing buildings insurance
- You have to remember that contents insurance only protects items that you own in your premises. It also covers any items that you are responsible for.
- The fixtures and fittings cover will only protect permanent items that cannot be moved and this means you will need an additional policy for movable items.
- If you are renting a business premises, it is essential to identify the specific cover you require based on your business. You may end up paying more insurance than necessary if you are not aware of what is covered by your rent.
- Protect your business against the loss of important employees. Some employees may play an essential role in your business and it is necessary to have a cover to help you cope with the loss.
- Identify insurance that cover certain items including personal effects and artwork as standard.
- The insurance covers you choose should clearly identify the items that are excluded.