Welcome to OfficeInsurance.net
Having worked hard to set up your business, battle through the recession and build a solid reputation in the marketplace, the last thing you want is to lose it all because you weren't properly insured. This is your livelihood after all, and it's absolutely crucial that you have the right type of cover to protect it. Whereas some people will consider driving around with just 3rd party car insurance because it's the cheapest option, if something goes wrong with your business you may come to regret opting for cheap business insurance rather than quality business insurance. The golden rule should be – pay for the most comprehensive level of cover you can afford, and don't take any short cuts. Look at both the cover and the cost.
A quick online search will bring up any number of companies offering office and business insurance, however, bear in mind that business cover is a lot more complicated than most other types of insurance, so you should always opt for a well-established company with a solid reputation. If you haven't heard of the company, you might be better off avoiding it altogether and choosing a brand you recognise.
The insurance company's website is a great place to start for a basic overview of the cover on offer, but before you buy it's a good idea to phone the provider and speak to one of their business insurance experts to find out more. Make sure you fully understand the terms of your policy and any caveats or exclusions, be confident that you've got the right level of cover for your particular business, and if you are in any doubt, ask as many questions as you need to until you're satisfied that the company you've worked hard for is well protected.
Here is a brief summary of the different types of insurance covered by this website:
Property Insurance
This includes insurance for the building (the actual bricks and mortar) and also the contents within the building – your office fixtures and fittings. If you rent the building, the buildings insurance may be taken care of by your landlord, but contents insurance will always be up to you to look after.
Cover For Company Cash
If you deal with large amounts of cash on a daily basis, then you'll need to make sure this cash is covered in the office, in transit on the way to the bank, and if you take it home in the evening.
Employer's Liability Insurance
This is a legal requirement and covers you if one of your employees has an accident or falls ill at work. The amount of cover you need to have will often be dictated by your local council, so do check before you buy.
Public Liability Insurance
This is essential if members of the public, clients or customers visit your business premises and covers you if someone has an accident and seeks compensation from you. There are lots of caveats and exclusions with this type of insurance so do seek advice before you buy.
Professional Indemnity Insurance
You will need to take out this insurance if you sell your knowledge and skills as opposed to a product. It covers you for claims that might arise if you make a mistake or are found to have been negligent. It's a legal requirement for certain professions and there are guidelines in place as to the cover you need so do your research before buying.
Directors' And Officers' Liability Insurance
If you are the director of a company, a lot of responsibility rests on your shoulders. This type of insurance protects your personal wealth if you make a mistake, are negligent, or are found to have acted outside your remit as a director, the result of which is a court case.
Home Office Insurance
If you work from home then you will need to have home office insurance as your home contents insurance may not cover things like your Mac or PC, printers, laptops, work mobile etc. And if you hold meetings at home then you'll need to consider things like public liability insurance too.
Cyber Liability Insurance
A relatively new type of insurance but one you should certainly consider if your business depends entirely on your online presence or if you store sensitive customer data online. Cyber crime has become big business for global organised crime networks and this type of insurance will protect you in cases of things like fraud and identity theft.
Business Interruption Insurance
This type of insurance will protect your business if you are forced to stop trading due to a major incident like fire or flood, or some other crisis. It is also known as loss of profits insurance and will help keep you on your feet while you try and get back to normal.
Employment Practice Liability
With employment legislation tightening up every year, businesses are now vulnerable to all manner of lawsuits. This type of insurance covers you if an employee sues you because they feel they have been unfairly treated or dismissed on the basis of sex, age, sexuality, race, disability or religious belief.
