If your small business is based in an office, you may feel that your business environment and day-to-day activities are relatively low risk – compared to that of a manufacturer, for instance. But the reality is, that even though you may not be dealing with heavy machinery on a daily basis, there are still a number of risks that your business is exposed to, and a number of unfortunate possibilities that could leave you in a vulnerable position.
In order to protect your business in the face of the things that threaten it, you should take out a comprehensive small office insurance policy. Here are five reasons your business could benefit from office insurance:
As an office, there’s a good chance that your company relies on computer equipment in order to operate. If an equipment failure left your business unable to function at full capacity, you could stand to lose significantly as a result. Sometimes, it’s not always possible for repairs or replacements to be made immediately, meaning your business could be out of action for a few days – or even a week. Contents insurance could help to support you financially in this situation, and get your business back up and running as soon as possible.
What’s more, contents insurance can also be tailored to provide protection for virtually any items that you deem to be at risk – including stock, goods in transit, and even portable electronic equipment.
It could be the case that a fault outside of your immediate control affects your business’s ability to open or operate. For instance, your company may be based online, meaning you rely heavily on the ability to connect to the internet in order to do business. Your internet provider may be carrying out maintenance work, and a mistake leads to a network outage. While this event is both outside of your control and not your fault – your business could still be affected.
In this situation, a successful claim on a business interruption insurance policy could reimburse you for earnings lost as a result.
If you employ any workers at all – even contracted, part time or voluntary – then you will be legally required to have employers’ liability insurance in place. There are very few exceptions to this rule, for example if you only employ immediate family members.
Having employees in itself is a risk, which is why employers’ liability insurance is necessary for virtually every business. Even in an office environment, there are a number of situations in which an employee could sustain illness or injury – and if you are held liable for that injury, you could have a law suit brought against you as a result. Employers’ liability insurance could help you with the financial implications of this scenario.
It could be the case that you regularly hold meetings with business partners, or perhaps you often see clients in your offices. Whatever the occasion, there’s a chance that these people – or in fact any member of the public – could sustain injury while on your business premises.
Public liability insurance could help to support your business financially, in the event that a legal case is brought against you as a result of injury suffered by a third party.
No matter what industry your business operated in, or indeed where your office is located, there’s always the risk that someone might decide to break in and steal. In fact, an office that is empty in the evenings and over weekends may even seem like an easy target for some thieves. Or, your business premises may fall victim to a malicious attack, such as arson.
Either one of these situations could have a significant effect on your business’s ability to operate, which is why it’s important that you take out the relevant insurance for protection in these situations. Whether that’s in the form of buildings insurance to safeguard against fire damage, or comprehensive contents cover to replace stolen items – the dishonest actions of others could leave you in a vulnerable position if not insured against.
As you can see, there are a number of reasons that you should consider taking out office insurance for your business. Regardless of the exact day-to-day activities your business carries out, there are a number of risks that your business could be vulnerable to, and that you can protect against with the right cover. Follow the link to learn more about office insurance, or call 0800 144 4808 to get a bespoke insurance quote to suit your business’s needs.
James is an online content creator at Make It Cheaper. Having previously created a variety of content for a number of websites and media outlets, James focuses on making it easy for SME owners to find interesting and engaging content - as well as useful guides and online tools.You can email James at firstname.lastname@example.org
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