Whether you have a large office space or a small and cozy workplace, it is an asset that is central to your business operations. Your office is the hub of everyday business activity; its where you and your employees meet clients, handle commercial affairs, make strategic decisions and store important data.
Since most core commercial activities take place in your office, even a day of disruption can cost your business dearly. That is why it is important to take practical steps to protect your business premises against perceived risks and eventualities.
Taking out an office insurance package that is tailored to suit the needs and requirements of your commercial premise is one step you can take to minimise your risk and ensure that your business runs smoothly.
At IC Insurance Solutions, our panel of experienced brokers collaborate with partner insurers to create bespoke and specialised office insurance plans that provide comprehensive coverage to office spaces and secure them against threats.
Do I Need Office Insurance?
It is vital to get any business that operates from an office environment or runs from a commercial premise insured against potential threats.
There are many risks that your business space is exposed to every day. Unexpected events or accidents might be beyond your immediate control, but you could be held liable for them since you are responsible for the wellbeing of your staff as well as visitors, internees, and volunteers.
Additionally, there is the threat of natural catastrophes such as floods and thunderstorms that can bring economic activities to a standstill and adversely impact your business. Workplace hazards like fire can also cause disruptions and financially devastate your company.
Theft and vandalism is another standard risk commercial workspaces face. Theft of office equipment such as computers can cost your business heftily. Vandalism or damage to property can also have a grave impact on your business.
The level of risk your business faces depends on multiple factors such as the size of your business, your sector or industry, the number of people you employee. That is why it is so important to identify the specific risks your enterprise faces and design a customised office insurance policy accordingly.
All businesses that are run from a commercial office should consider office insurance a staple. Here are some examples of businesses that need office insurance:
- Estate Agents
- Financial Advisors
- Insurance Brokers
- Recruitment Consultants
What is Office Insurance?
Office insurance is a special form of business insurance designed to financially safeguard commercial workspaces such as offices against a wide spectrum of threats. Office insurance packages consist of a combination of covers that protect businesses against lawsuits, business interruption, and theft.
Though office insurance packages vary from business to business, comprehensive packages cater to three main concerns; your business premise and office contents, your employees and clients and your business circumstances.
At IC Insurance Solutions, we create flexible office insurance packages that cover all your key exposures and can be altered to accommodate the individual needs of your business.
What Does Office Insurance Cover?
Our key covers include:
A specialised cover designed to protect a business’s equipment such as furniture, appliances, general contents, documents and computers against theft and damage caused by pre-insured events.
A more targeted cover that protects computers, hardware and accompanying accessories against the risk of theft and damage.
If your office or property gets damaged or destroyed due to a pre-insured event such as a natural disaster and has to shut down temporarily, business interruption insurance can keep your company afloat by paying for rent, outgoing expenses, salaries, loans, etc until the issue is resolved.
A cover designed specifically to compensate you for the cost of repairing or repurchasing portable equipment such as laptops, handheld devices, projectors, cameras, and hardware if they get stolen or damaged.
Employers’ liability insurance is a legal compulsion if you employ anyone in the UK. Employers liability insurance covers cost of legal defence, settlement and compensation payouts if a member of your staff files a workplace injury or property loss claim against your company.
Public liability insurance covers the cost of legal defense and compensation payouts if a client or a visitor suffers from an accident, injury or loss while in your office and opts to file a claim.
Products liability insurance covers the cost of legal defense and settlement if a third party such as a visitor or a client sustains an injury or suffers a loss due to any product or equipment at your office.
Depending on your business, risks, and circumstances you might also require the following additional covers:
If your business offers advise, expertise or consultancy to clients, you should consider professional indemnity cover.
Professional indemnity insurance provides funds to cover legal costs and compensation payouts if a wrongful advise, negligence or error claim is made against your business by a client.
Directors and Officers
A special cover that covers owners, directors, managers, and officers of a business against the consequences of lawsuits and wrongdoing claims.
Your business is 9 times more likely to be targeted by a cybercriminal than a burglar. Cyber liability insurance protects your business against the consequences of data breaches and hacking.
All risks insurance can cover your possessions against damage or loss within the UK, EU or worldwide.
About IC Insurance Solutions
IC Insurance Solutions is a vibrant and enthusiastic insurance intermediary with a passionate team comprising of experienced insurance experts and seasoned brokers. We know the market inside out and our strong partnership with insurance providers enables us to provide comprehensive coverage to you at a competitive price.