Office insurance is designed for people who operate their business from an office. Typically, it covers business premises, computer equipment, stock or documents, and public liability.
Examples of business types that take our office insurance are medical and health businesses, financial services, consulting businesses and administrative services.
Every business has different office insurance requirements. For example, some will need cover for glass breakage or ‘business money’ kept on the premises, and others will only require cover for damage to their office and for burglary.
Phoenix Insurance Brokers can work with you to tailor an office insurance policy that’s right for your business.
Finding The Right Office Insurance
Phoenix Insurance Brokers have been providing office insurance to a variety of clients for years.
Office insurance can be packed up as part of a broader commercial insurance policy, so all your business insurance requirements are covered under one policy, with only one premium to pay. And you can opt to pay your premium monthly not annually to help with cash flow.
If you are comparing policies for office insurance online, it makes sense to discuss these with your experienced local broker to make sure you’ve fully understood any fine print and you’re comparing like with like. This includes aspects like the level of excess, what’s included and replacement value for the equipment.
Suitable Business Contents Insurance Cover
Business contents insurance covers your business contents or stock if it’s ruined by a storm, fire, lightning, explosion, earthquake, impact damage, malicious damage such as a break-in, vandalism, and accidental damage for example.
When taking out business contents insurance, and the level of cover you need, think about the value or cost to replace your contents. We suggest you keep a list of all your contents so you’re never underinsured, and you can replace your full losses should the unforeseen occur.
Consider Home Office Insurance
For businesses that operate from home, home office insurance is available. Talk to your broker about home office insurance as home offices are generally not covered under home and contents insurance policies. You’ll need separate insurance to cover your home office business.
Office Insurance FAQs
Office insurance covers property and activities relating to your occupation as an office-based professional. It can include:
- Damage by fire and perils: Includes damage to your building premises and contents (and any clean up) caused by fire, storm, lightning, water, volcanic eruptions and falling objects.
- Accidental damage: Includes damage that occurs suddenly due to unexpected and non-deliberate external action or an unintentional one-off incident that harms your property or its contents. It can also cover you for lost accounting information caused by accidents, and costs associated with rewriting or reconstructing records and accounts.
- Business interruption: The interruption to trading following a fire or another insured event can often have more serious financial implications for your business than the actual damage. Business interruption insurance covers the shortfall in your business income caused by the interruption to your business after an insured loss.
- Burglary: Covers you for items stolen and damage to your office building and contents in the event of a burglary.
- Money: You can also be covered for business-related money stolen from your premises that are held in a bank safe or is stolen in transit and can include cover for damage to your premises and your safe.
- Glass: Insures you against breakage and the replacement costs of internal and external glass and signs.
- Electronic portable equipment: Cover can be arranged for your computers, laptops and electronic equipment in the event of fire, theft, and breakdown.
If your business has customers visiting your premises and you provide advice to those customers, you are well-advised to consider public liability insurance and professional indemnity insurance to cover your legal liability.
The cost of office insurance is dependent on various factors and risks. Typically, a premium cost is based on:
- The type of business i.e., sole proprietorship, corporation, etc.
- Your business’ goods or services.
- The number of employees.
- Your salary totals.
- The nature of your business and what employees do each day.
- Your business risks i.e., if staff are involved in heavy lifting or exposed to dangerous machinery.
- Your assets and equipment i.e., vehicles, machinery, supplies and their values.
When leasing a commercial space, depending on the type of business you run, it is common for a landlord to require you to take out insurance for:
- public liability;
- workers’ compensation;
- plate glass; and
- all risks.
It is not necessary that you take out office insurance per se, but it is advisable so that the contents of your office are covered should something unforeseen occur. Your landlord’s building insurance will cover the physical building, but you are well-advised to cover your office contents, such as your equipment and computers, as a minimum.
Considering most businesses require workers’ compensation insurance and commonly opt for management liability insurance, professional indemnity insurance and more, speak to your broker about packaging the insurance you need for a single ongoing payment.