There are many types of coverage you may need for your business. You will need coverage that protects your physical assets (like your desk and computer) and coverage that protects your company from liability in business suits. If you have employees, you may need to carry insurance for them as well.
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Before you can begin shopping for insurance, it is best to have an idea of the type of coverage you will need. You may be tempted to buy less coverage than you need to save money with a new business, but coverage gaps leave your entire company at risk. Depending on the way your business is established, your personal assets may be at stake as well.
Office Business Insurance
Take a moment to consider the types of coverage your office will need, so you will know which policies to begin comparing.
- Office Property Insurance
This policy covers your furniture and equipment against theft and damage, both on and off your premises. This may be required by your lender if your have a business mortgage or loan.
- Office General Liability Insurance
This policy protects your office from cases stemming from injuries sustained on your premises. If a customer trips on your stairs, this is the policy that will pay.
- Office Professional Liability Insurance
If your company gives advice, this policy protects you from claims of negligence or poor advice. Also known as errors and omissions insurance, this is necessary for accountants, lawyers, and others who offer consulting services. For the medical professions, this is called malpractice insurance.
- Workers’ Compensation
If you have employees, this insurance covers them in cases where they get injured while working. This policy, that pays the medical bills and disability pay for a period the employee is unable to work, is usually required by law.
- Business Interruption Insurance
This policy can help keep your business alive following an event that closes your office for some time. Property insurance will reimburse for the cost of the physical assets, but you need business interruption insurance to protect you if you cannot resume operations immediately.
- Commercial Auto Insurance
If your office has a business vehicle, you will need a commercial insurance policy. When choosing a policy, you will want to check that you do not purchase more liability than you need. You may (or may not, depending on the policy) have general liability coverage that applies to your vehicles as well.
- Disability, Health, Life
These policies provide peace of mind for employees and can be important for employee retention. If your office is heavily dependent on particular principals, you may wish to carry life insurance to protect the business in the event of their death.
- Business Owner’s Policy
Some insurance companies have put together packages of coverage that may provide some or all of the coverage your office needs. Before settling for this, you will want to understand exactly what is covered in the policy so you can compare prices effectively and purchase any additional coverages needed on separate policies.
Comparing Office Business Insurance
With a list of coverages, you can begin comparing office business insurance rates. Always read the details of policies to be sure you are comparing the exact same types of coverages. Insurance companies have a lot of freedom to construct their policies, so you cannot assume that coverage with the same name offers the exact benefits or restrictions.
Here are some things to check:
- Deductibles
A deductible is the amount you will pay out-of-pocket before a claim can be made. If your deductible is $500, then you will only be able to make claims that exceed $500. If your deductible is $1000, then a claim will have to be greater than $1000 to qualify.
Higher deductibles mean fewer claims for the insurers, so they can offer you much better rates on these policies. When opting for higher deductibles, you have to keep in mind that when a claim event occurs, you will have to have access to the funds for your deductible in order for your business to be fully protected and able to recover from the event.
- Coverage Limits
Sometimes one policy looks better than another because it has a lower maximum payout amount. You need to be sure you are insuring your office for its full value or you risk losing out. If you do not carry enough insurance for your physical property, you could end up in a situation where the office is unable to recover from an event.
If you do not have enough liability coverage to protect all your assets, you risk losing everything you have in a lawsuit. Even when you are not at fault, lawsuits that take years to resolve can quickly cost thousands to defend. Your office business needs enough coverage to protect itself fully.
- Discounts
Some insurers will give you discounts if you buy more than one policy from them. Others offer discounts based on your profession. Some may even reward you for special certifications or affiliations.
You can also earn discounts on particular types of insurance if you add security or safety programs. Office property insurance may be lowered by adding burglar and smoke alarms. Workers’ compensation and comprehensive vehicle insurance may be lowered by having employees complete safety training programs.
Be sure to ask about any discounts that may apply before you settle on a particular insurer or policy.
Getting Started with Office Business Insurance
When you are ready to get started, we have a tool that allows you to compare rates from many different insurance companies in one place. By getting a variety of office business insurance rates, you will not only be able to choose cost-effective insurance solutions, but you will also get a feel for the different types of policies available in your business and location.
