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Unlike employer’s liability insurance, there are no legal requirements for you to take out office insurance. However, office insurance is there to ensure that your business premises are covered against disasters such as fire, flood, burglary and accidents. In this day and age, when members of the public are all too quick to sue business owners for any minor trip on their premises, it is highly recommended that you take out office insurance.
These may sound like unlikely events, but the implications of such disasters for businesses are severe. The disruption and time it takes to get back up and running can wipe out revenues for many months and, according to the Times in February, “80% of businesses affected by a major incident close within 18 months”. Whilst the extent of this figure is questionable, there is no doubt that business owners and directors without a contingency plan in place are leaving their business open to catastrophe.
Getting The Insurance You Need
The first thing you need to check is what a policy will cover you for. This should include contents as standard, so that everything within your office will be replaced if it is damaged, stolen or destroyed. You then need to think about what types of other cover you will need. For example, if employees have to take large deposits of cash to the bank, is this covered? If you work in a building with large windows, is the glass covered? This will all be detailed in the small print and is essential reading before you commit to a policy.
One important piece of cover that you should look out for is business interruption insurance. This will compensate you in the event of your business coming to a halt as a result of an unforeseen event e.g. if a nearby river overflows and floods your business premises. With this type of cover, the insurance company has an added incentive to process your claim quickly as they will be liable for a greater amount the longer it takes them to replace any damaged equipment.
Getting The Right Add-Ons
Insurance companies often make their money by selling add-ons - these can cover virtually anything, and costs can quickly start to rise if you do not keep track of exactly what you need insured in your policy. For instance, it may be pointless getting Terrorism Cover if your office is based in a converted barn in the middle of the countryside!
However, some of these add-ons could be applicable to you. For example, travel cover for when you or your employees are out and about could prove very useful insurance. Personal accident insurance can often be included, too, if your role requires a lot of driving around the country. Debt protection could be useful if your customers have a habit of not paying, as could commercial legal protection which can help with legal costs in the event of a dispute.
Before you commit to a policy, sit down and write down exactly what your business needs from its office insurance policy. Please don’t hesitate to visit constructaquote.com, which compares prices from across the industry and can tailor an office insurance policy to suit your needs.
If you are interested in any of the above policies, you can get a quick office insurance quote by visiting our office insurance page and clicking the 'get a quote' button. Alternatively, if you would like to discuss your business insurance requirements in more detail, please don’t hesitate to call the constructaquote.com team on 08081 68 68 68.
Sources: The Times: at www.continuitycentral.com/feature0440.htm
This guide is part of our series on insurance for offices. For product information, links to more guides or to get a quote head over to our office insurance section.