Insuring Offices

Insurance for Offices

Each type of business has its own risks and insurance needs. The needs of a business that is office based are different than what a restaurant would need. There are many types of office risks, and while some (such as professional services like medical, Engineers, Real Estate and Insurance) might have additional insurance needs, this article is a brief overview of the main insurance needs that offices need. 

Office Insurance Coverage Basics

There are important insurance coverages that all offices need to have.  A comprehensive insurance policy should address all of these coverages to provide adequate coverage.

Business Personal Property and/or Building Coverage

Business Personal Property covers your assets that are inside the building. This is your furniture, computers, phones, office equipment, inventory, etc.  If there was a fire, and everything was lost, what is the cost to replace? Leased equipment, such as copiers and printers, also need to be included in this limit.  Building coverage is important if you are the owner of the building your office is in, or if you are obligated to cover the building insurance by contract. If you have outdoor signs, it is important that your property portion of the policy has coverage for outdoor signs.

Business Interruption and Extra Expense Coverage

If there is a covered loss that prevents your business from operating normally, Business Interruption and Extra Expense (Business Income) Insurance is going to provide coverage for that loss of income. Some common expenses that are covered by Business Interruption coverage are the extra expenses for temporarily relocating your business while repairs at your location are made and the cost of loss of income while shut down. Without this coverage, it would be very expensive to try to stay in business during a major loss.

Business Liability

Property damage and bodily injury claims that arise out of your business activities are covered under the Liability portion of the insurance policy.  Business liability covers losses for property damage to property of others, bodily injury, and medical payments, and personal and advertising injury.  This vital coverage protects your clients and customers when on your premises.

Workers Compensation

If you have employees, then you need to have workers compensation coverage. This protects your employees for job-related illnesses and injuries.

There are other coverages that are important to know about. While many Business Owners Policies provide coverage for these, the limits offered varies and it is important to ensure that the coverage is adequate to cover what your business needs.

·         Computer Coverage – Coverage for computer equipment in your office that is damaged by a covered loss and electronic data restoration.

·         Valuable Papers and Records – Coverage for the cost to recreate or restore records and documents damaged in a covered loss.

·         Employee Dishonesty – Coverage for fraudulent or dishonest acts by your employees.

There are other coverages that are important to have but are not always offered as standard coverages.

·         Employment Practices Liability (EPLI) – This vital coverage will protect your business from claims made by employees for discrimination, harassment, wrongful termination and other issues related to their employment.

·         Cyber Liability is another coverage that is gaining in popularity due to the increasing instances of data breaches and cyber-attacks. This coverage provides privacy and data security coverage in the event of a privacy or data breach.

·         Professional Liability –  If you are a company that is a professional service or advice provider, you need to have Professional Liability coverage, known also as Errors and Omissions. The General Liability portion of their policy will not cover lawsuits that arise from failure to render services, good faith violations, misrepresentation or negligence. Professional Liability coverage is needed to provide this coverage.

At Fixated Financial and Insurance Solutions, we have multiple A-Rated Carriers that cover all aspects of an office risk. We can write most on a Business owners policy, or as a package for larger risks.  We also have multiple markets for Workers Compensation, EPLI, Professional Liability and Cyber Liability. We have the ability to tailor the coverages to the unique aspects of your business. We do not believe that insurance is a one size fits all product. We work with you to understand your business and to provide the best coverage for your insurance needs at the most affordable premiums.