What does office insurance cover?
Overview: What does office insurance cover?
As the name suggests, office insurance is tailor-made insurance specifically meant to protect business owners against workplace or office risks. The risks range from accidental damage and theft of office equipment to office flooding and fire damage risks. Typical office insurance covers contents and common risks like fire.
It is, however, possible to add more specific covers to your policy to cover against other unique risks that may affect day-to-day business activities. The cost of office insurance in the UK varies. It is, however, possible to get small office insurance for as low as £23 per month. Below is a detailed breakdown of what office insurance covers.
1. Office contents
Office insurance covers specifically covering content offer protection against risks like theft, accidental damage, the content loss away from the office, personal property and loss of data. Theft under an office content covers includes theft that occurs during working hours. Typical office content covers in the UK will cover losses even in cases where there is no evidence of violent or forced entry into your premises.
Accidental damage cover is standard in most office insurance covers in the UK. The covers include any damages to things like glass and signs that you are responsible for. The insurance also covers content away from the office. For instance, office content at your employee’s home or content that is in transit. Typical content-based office insurance covers losses up to £25,000.
In regards to personal property, office insurance covers personal property belonging to employees and visitors. Typical covers take care of losses up to £5,000 including non-standard items like artwork. Loss of data includes costs to reinstate all the data lost i.e. after a fire. Office insurance covers covering loss of data takes care of costs up to £5,000.
2. Office building
Office insurance cover can also cover your office building (if you own the building). Typical office building insurance covers accidental damage as the standard as well as standard building risks like storms, fire and floods. In the UK, typical office building insurance takes care of costs up to £2,000,000 (rebuilding costs), which include; professional fees as well as the actual cost of rebuilding your office.
3. Business interruption
It is also possible to get office insurance cover protecting your business against interruptions. Unfortunate occurrences like floods, fires and theft can paralyse your business. It is, therefore, important to think of how you can keep your business running in the event of such occurrences. Typical office insurance covers offering business interruption protection compensate businesses for losing income (loss of income covers).
This simply means you will get payments making up for the difference between your expected and actual income in the event of a fire, theft, floods etc. that interrupts you the ability to do business. Typical business interruption covers in the UK pay up to 30 percent of your sum insured to help you cover any additional costs you incur to help you continue operating. The payment is meant to help you to set up a temporary office or employ additional staff.
4. Legal expenses
Typical office insurance covers in the UK also cover legal expenses associated with claims relating to property protection, bodily injury, tax disputes and compensation award or employment disputes. Such insurance covers legal costs up to £100,000 incurred defending the above claims. Such covers come in handy in cases where you are forced to make the costly legal appointment of; expert witnesses, barristers and solicitors.
5. Portable equipment
Office insurance covers also cover portable business equipment like laptops, cameras, projectors, iPads, hardware, tools etc. Most insurance companies in the UK offer office insurance covering portable equipment risks not exceeding to £25,000.
In summary, the above information summarises what typical office insurance in the UK covers. It is, however, important to note that it is possible to get covers with higher limits compared to those mentioned. It all depends on the special needs of a client and the insurance company they are working with.