Offices are the hub of the majority of UK businesses, with important documents, customer details and data, finances, equipment and furniture all stored in one building. This represents a large risk to their owners.
Do I need office insurance?
Whilst not a legal requirement, like Employer’s Liability Insurance, you still might need an office insurance policy. It will come down to whether you can afford to operate without the protection and peace of mind that comes with an all-encompassing insurance policy. You should also consider whether you can afford to continue operating should a disaster befall your office space.
OK, so what’s covered?
A standard office insurance policy will include contents insurance for protecting your furniture and equipment in the event of theft, fire or flood and other forms of loss. From there, many of the policies can be tailored depending on your needs.
For example, some policies will assist with the cost of paying for business continuity. This will allow you to temporarily relocate your business, hire equipment and furniture so that you can continue to trade, should your current premises and equipment be rendered unusable or unavailable due to a loss or damage. Some policies can be tailored to a point that they cover your windows against accidental or malicious damage.
If you handle or store cash on-site, it is also possible to gain protection for your cash whilst it is on your premises, and in some cases, even when it is being transported to the bank by an employee.
Is there anything that won’t be protected?
That’s the best part! Office insurance is usually made up of bolt-on policies rather than unchangeable core policies. You can tailor the policy to protect your business against the risks specific to your sector.
Whilst most businesses can comfortably protect themselves under a business contents insurance policy, it never hurts to have a policy that is specifically tailored to your work environment. Whilst every office is different depending on the type of business, an office insurance policy can be specifically tailored to the needs of your business whilst being all-encompassing.