Protecting your commercial property is a crucial step in securing your business's future. A small business office insurance plan ensures protection for your building, equipment, and even losses caused by business interruptions. While decision-makers often delay purchasing coverage for less frequent risks like fire, these risks can lead to substantial financial setbacks. Additionally, premiums for such risks are surprisingly affordable, making a corporate property coverage plan a smart investment.
A robust office insurance policy starts with identifying all your assets and understanding their associated risks. For example:
By determining the correct value to insure each asset and creating a comprehensive plan, businesses can ensure that every insurable risk is effectively covered.
Protecting your commercial property is a crucial step in securing your business's future. A small business office insurance plan ensures protection for your building, equipment, and even losses caused by business interruptions. While decision-makers often delay purchasing coverage for less frequent risks like fire, these risks can lead to substantial financial setbacks. Additionally, premiums for such risks are surprisingly affordable, making a corporate property coverage plan a smart investment.
A robust office insurance policy starts with identifying all your assets and understanding their associated risks. For example:
By determining the correct value to insure each asset and creating a comprehensive plan, businesses can ensure that every insurable risk is effectively covered.
Fire & Natural Calamities Cover
While fire policies have inbuilt covers for many risks like flood, malicious damages etc., one still need the coverage for earthquakes or terrorism to be added. Depending on the type of business, a fire policy should be extended to cover associated losses which may result from the main peril.
Burglary and Theft insurance
Burglary does not cover the risk of a missing asset taken away from office by an outsider without evident housebreaking. Unless specifically bought a rioting loot is not covered. An Employee theft cannot be covered by theft insurance. Leave the nuances to professionals to buy the right cover.
Servers, Laptops and IT Equipment
Assets like servers, laptops, routers and storage devices require specialised insurance. These assets can be insured for short circuit, voltage fluctuations and breakdowns apart from fire and burglary. Laptops can be covered for the risk of theft or physical damage occurring outside the office.
Building, Leasehold and Furniture
Leased office interiors and furniture damage is a tenant’s risk when the rental provides only for normal wear and tear.Insuring buildings and contents at acquisition cost often leads to an under insurance. One may miss insuring the cables and internal roads, exposing them to uninsured losses.
Business Interruption
A fire or flood damage to your office will also disrupt business continuity leading to revenue losses over months. While your business stalls, fixed expenses like rent, loan interest and salaries do not. A business interruption cover protects your fixed costs to keep your business running.
Fidelity and Money Cover
Detecting an employee fraud is difficult and losses are large. Losses from fraudulent wire transfers or bill payments can be recovered through a fidelity cover. Money insurance is taken to recover loss of “monies” stolen from office or looted from your employees outside the office.
