Purchasing Office Insurance

There are certainly enough types of insurance available out there; enough to boggle the mind. One such insurance that is often forgotten, if it is even known about to begin with, is office insurance. Many business owners end up putting it at the end of their list of priorities because they consider it as something that can wait, but waiting can in fact have disastrous consequences. These are some points to consider when buying insurance for your office.

Arguably the most important aspects of office insurance are public liability cover and business interruption cover. These days it has become much more common place for people to file lawsuits against anyone (especially businesses though) who they feel has done them some kind of injustice. Without proper insurance, you could find yourself having to pay out huge amounts of compensation and legal costs from your business bank account if, for example, a visiting client slips on a wet floor at your office or a customer feels that the advice you have given them was wrong. As for business interruption cover, this takes care of things should you be unable, due to circumstances out of your control, to trade for a period of time. So, if an earthquake, flood, fire, etc. means that your business can’t operate normally, then you can claim for any loss of income that results.

It’s not that a standard property insurance policy does not cover an office at all, but the coverage is usually quite limited. The extent to which office equipment is covered is usually quite low. Make even a cursory scan of your office and you will quickly realize that the value of the equipment runs into 5 figures – at least. Just make a tally of the chairs, desks, printers, computers, copiers, scanners, fax machines, and phones. You’ve exceeded the insurance policy’s coverage probably before your list is even complete. For a business that has even a few employees, a great risk is being taken. Don’t get caught off guard by thinking that you don’t need separate office insurance.

A large amount of business traffic is traveling the byways of the information superhighway. As businesses place more and more emphasis on internet dealings, security risks become a greater danger. Office insurance is available to cover records, identity, and funds if the unthinkable happens. Standard insurance policies won’t cover these items. Find office insurance that does. Make sure it covers both you and your employees because liability lawsuits can get ugly and expensive.

The bottom line is this; your office is probably not properly covered by the insurance that you took out on the building it is in. It is important that you inventory what you have and calculate its worth. Once you have figured out what requires coverage, pick a policy that has the stipulations that fit your needs.

If you liked this, try : Office Insurance Quote Or Insurance Policies

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