Below, Central Insurance explains why every business needs office insurance.
While there’s typically no such thing as one-size-fits-all when it comes to insurance, commercial insurance is designed to offer protection to a wide range of businesses and industries from broad coverage to niche needs. The functions of these companies can run a wide gamut, but one thing they have in common is office exposure. If your business occupies office space, it’s important to understand the value of office insurance and how it ensures you have the right coverage to protect yourself and your employees, customers, and business.
What kind of office insurance do I need?
No two companies are exactly alike, which is why commercial insurance offers a vast range of protection options. The first step is speaking with a knowledgeable agent who can walk you through questions about your business to determine the right office insurance for your situation. These factors may include:
- Whether you own or rent your office space
- The types of services you provide
- The location of your office
- Whether customers visit your premises
- Whether or not you keep cash on the premises
Does office insurance cover my office building?
If you need building coverage, it’s important to have your agent confirm the replacement cost valuation of your building to ensure your commercial property coverage is adequate.
Your office insurance shouldn’t be limited to the physical structure. When considering the limit on building contents, be sure to account for office furniture, fixtures, and equipment. In addition to real and personal property, you’ll also want to consider coverage for computer equipment, crime coverages, fine art or any collections on display in your office, accounts receivable coverage, and outdoor property.
Do I need office insurance if I don’t own my office building?
Whether or not you own your building, it’s important to have General Liability coverage for your business. If you own the building, you are liable for customers in your waiting room, and anyone who may use your parking lots, sidewalks, or common areas. If you rent your office space, your lease likely obligates you to carry liability coverage naming your landlord as an additional insured.
Source: Central Insurance