Why Office Insurance?
As a business owner, you will know that running your own business is not only fun and fulfilling, but also challenging and occasionally nerve-wracking. Time is money and you don’t want to spend it researching different office insurance options your business may need. This is where MBC comes in and helps you find the right options of cover and at a good price.
Most UK companies operate from office buildings and will have a number of assets that they want to protect regardless of the scale of their business. A comprehensive insurance program that includes office insurance is so important for any company to mitigate the damage caused by potential unexpected threats can.
What does Office insurance cover?
Office insurance is a cumulative term combining a number of insurance policies protecting businesses based in offices – such combinations are different as each business is unique and will have its own risk characteristics.
As many other businesses, you are likely have computers and other equipment you operate. In this case you will find tools and equipment insurance particularly valuable. Such insurance usually comes included into contents insurance cover, which replaces items or their value should they be lost or damaged.
However, contents insurance on its own will not protect you against lost revenues as a result of such damage. So your office insurance package would benefit from business interruption insurance that would help you pay not only ongoing overheads payable even though the business is not functioning at full capacity, but also lost revenues.
Once your business employs people or even volunteers or freelance staff in your office, you start running the risk that they may be injured while carrying out their work. In fact, it’s a legal requirement to have employers’ liability insurance if you do employ stuff. Its aim is to cover your financial losses should a staff injury or damage claim be brought against you. The minimum level of cover in the UK is £5m, but many businesses go for a higher level of £10m or more.
If customers visit your premises, your office insurance needs to include public liability insurance. You should try and make your office as safe as possible, but accidents may still happen despite all the precautions. Similarly to employers’ liability insurance, public liability insurance means that if someone is injured at your office or their property is damaged, you can claim on your insurance to cover any compensation due to them or legal costs if they take you to court.
In case you own your office building, you may want to have an office building insurance in place to protect the physical fabric of your office building. In case of rentals, the owner of the building may have already the building cover in place, in which case you may want to check with your landlord before taking out your own cover.
Other types of cover relevant for an office-based business include the following.
- Computer breakdown and cyber insurance. This protection gives you the benefit of knowing you would not be out of pocket in case of a technology breakdown and the cost of recovering all your data and files if you lost everything.
- Should your business deal with cash, you may benefit from having a money cover in place at the business or in transit during office hours or when the money is left in an office safe overnight.
- A further potential consideration for office risk protection is legal cover allowing you to claim the cost of legal action against another party. This cover can sometimes be included or excluded from your business policy so if you’re interested in it, you may want to request that your policy has this valuable feature.
What is the cost of an office insurance package?
As can be seen above, there are many different options that businesses can choose from. So there is no standard price that offices pay for insurance. Individual terms as well as the nature of your business will dictate the price of an office insurance package. A number of features of your business can influence the price of commercial office insurance, including:
- Your location
- Your level of staff
- Your turnover
- Your industry
- The nature of your work
- Your previous claims history
- a number of other factors.
Find Great-Value office insurance
Modern Business Club specialists would be happy to provide you with a office insurance policy quote based on your exact circumstances and needs. Talking to one of our friendly business insurance experts is important as no two businesses are the same. Please fill in this quick form and one of our experts is sure to get in touch and find a deal that suits you.