Everything You Need to Know About Office Insurance
What is Office Insurance?
Office insurance is not for your best-loved “The Office” box set, but for your business. Even if you operate from home, you will need office insurance to cover your business’s equipment. That’s because the perils associated with offices are different to those of homes.
As with all business insurance policies, office insurance is not a standalone policy. It often takes the form of a portfolio of complementary policies ranging from business contents to stock cover. It can include:
Office Contents Insurance
A business contents insurance policy will cover the contents of the office. You can get cover for items such as computers, desks, chairs and other movables with this kind of cover. It’s like a home contents insurance policy because it covers the contents for accidental damage and theft.
If you work from home, you will still need this kind of cover because the underwriting principles are different. The policy caters for the increased risk of theft and the more frequent use of your business items. That may mean more expensive premiums.
Portable Office Possessions Insurance
If items from your business are frequently removed from the premises, consider this type of cover. Things like aptops or cameras may need a portable possessions insurance policy. Sometimes it is included in an equipment insurance policy, depending on the asset. A portable possessions policy will cover the items for damage and theft no matter their location, provided the insured meets certain requirements (such as keeping items out of sight).
Office Equipment Insurance
For special high-value equipment, the business will need to take out an equipment insurance policy. This covers specified items and, depending on the nature of the item, portable possessions. Where an office contents insurance policy places a total value on all the office’s contents, the equipment insurance policy assigns a value to each item specifically mentioned in the policy (as opposed to being attached to an inventory).
Stock Insurance for Offices
Stock insurance does not cover items like stationery or stock used by the office, but rather any stock that the company stores in the office. If the business sells or transports stock and keeps it overnight on the premises, then a stock insurance policy will cover it for theft and accidental damage. This also requires a separate policy because the underwriting principles of stock are different to office contents.
To get a range of insurance quotes for your office, whether it stars Ricky Gervais or not, fill in our online form and an insurance representative will contact you shortly.