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Many of Britain’s small businesses operate from office buildings – and there’s a good chance that yours does too. No matter the size of your office or the scale of your business, it’s likely that you have a number of assets that you want to protect.
Every business can be vulnerable to unexpected threats, and business insurance often forms an essential part of protecting against these threats. A comprehensive office insurance policy could help to ensure that you aren’t left in a difficult financial situation should any of the risks you face ever become a reality.
When we talk about office insurance, we aren’t referring to a specific policy that gives all offices all of the cover they need – different offices face different risks, so no generic form of cover exists. Office insurance is an umbrella term for a number of policies that can offer different types and levels of protection to businesses based in offices.
While your insurance policy will be unique to your business, many offices will have similar forms of core cover in place as they are likely to have similar assets that require protection.
Many offices typically rely on items such as computer equipment to operate, meaning that tools and equipment insurance is often important. Office equipment insurance regularly comes as part of contents insurance cover, which can also provide protection for other items, such as desks, chairs and other furniture. The cost of replacing these items – for instance if your office suffered from a flood or fire – could be expensive, which is why office contents insurance can be very valuable.
If your business was unable to operate at full capacity – for instance due to equipment failure – then you could lose revenue as a result. In this situation, a successful claim on business interruption insurance could help you to pay ongoing overheads that you may struggle to pay, as well as compensate you for lost revenue.
There’s a good chance that you employ a number of staff in your office, and if this is the case, that means there’s also the risk that one of them could suffer injury while carrying out their work – for instance, if they tripped over a loose carpet tile. If you do employ staff, you’ll be legally required to have employers’ liability insurance in place, which can support you financially in the event that a claim is brought against you due to staff injury.
There are also a number of other covers that you may want to take out – such as office building insurance to protect the bricks and mortar of your office building. It’s worth noting that if you rent an office space for your business, it's possible that the owner of the building may already have some of these policies in place. Buildings and contents insurance policies, for instance, are likely to be in place to cover the premises and the costs of this could be included in the rent you pay. In any case, it's recommended that you check with your landlord before taking out cover.
There isn’t a standard price that offices pay for insurance. No matter whether you run a big or small office, insurance prices can vary widely depending on the individual terms of cover, as well as the nature of your business. For instance, an office with 300 employees and a lot of expensive IT equipment would naturally need more extensive cover than a smaller office with 10 employees and basic computer equipment. It would be relatively safe to assume that the smaller office would have the cheaper office insurance package in this situation.
There are also a number of aspects of your business itself that can influence price when your looking for cheaper commercial office insurance. These can include:
The best way of finding out exactly how much your office insurance cover will cost is to get a tailored quote from a trusted insurance broker.
At Make It Cheaper Financial Services, we can provide you with a tailored office insurance policy quote based on your office’s exact circumstances and needs. Our team of friendly business insurance experts can help you to choose which forms of cover your office may need, and can provide you with a bespoke office insurance quote at a competitive price. Get in touch with Make It Cheaper today on 0800 970 0077