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Office Risk Insurance

An office-based business may seem like a low-risk space for employees and your company. In many cases, an office-based company may even provide opportunities for some staff to work remotely. There are good reasons to consider office risk insurance for your retail, sales, or administration office, however. 

Office Risk Insurance: What Do I Need?

1. Employer’s Liability Insurance

Most employers are required to have employer’s liability insurance to protect the business in the event of injury. This coverage provides the protection needed for employees and business associates in the office. In the event there is a claim, the legal costs may be high. This insurance will help cover a significant portion of these expenses so that your business operations may continue with little or no disruption.

2. Coverage for Clients and Guests

What happens if a guest or client on-site is injured in your office or experiences a similar incident and files a claim? If your office is responsible for the injury, then the injured party will be entitled to compensation. An office insurance policy will ensure you get the assistance you need to cover any costs related to claims and legal advice needed. These expenses include compensation awarded by the courts and legal support.

3. Protection for Office Contents

When you assess the value of your office’s contents, you’ll find they have more worth and importance than expected. Your office’s assets include technology, computer equipment, furniture, and inventory. If any items are damaged or stolen, the cost of replacing printers, computer systems, and other items can be high. Insurance coverage can provide the financial backup needed to purchase new inventory and office equipment to ensure operations continue.

4. Professional Indemnity Coverage

Professional indemnity coverage protects intellectual property and sensitive data that may contain financial records, client details, and other confidential information. Suppose any data is lost due to damaged equipment or electronic storage, resulting in a claim against your company? In that case, this insurance will handle meeting some or all of the costs associated with the claim while sustaining client relationships and preventing further legal action.

5. Business Continuity

When your office or retail space encounters an unexpected disaster or damage, you’ll want to ensure that operations continue during the restoration process. A pause in business can impact your company’s revenue, and you’ll need a temporary location as an option to keep the flow of clients and business on schedule and prevent further losses. Contingency planning works well with the right insurance coverage.

Investing in insurance coverage is a vital part of running a successful business. When you include all the protection, you need to continue operations, and you’ll have the best protection for your employees and maintain positive, continuous relationships with clients. Contact ISU Armac Insurance Services to inquire about our insurance policies and find out how to provide you with the best coverage for your office-based business.