Statistically, offices may be one of the safest workplaces when compared to other environments such as factories or retail outlets. But there are still challenges in even the most seemingly hazard-free workplace, whether it’s a loose cable on the floor or the risk of cybercrime by a dishonest employee.
At Business Insurance Service, we understand the challenges all businesses face and can provide office-based businesses insurance that suits their needs and their budget. Using our years of experience and our in-depth understanding of both the insurance sector and office-based business models, we’re able to broker insurance cover that protects you and your business, your employees, and your assets.
Your core insurance structure
We work on the principle that businesses require two levels of insurance – their core cover, and optional extras. While the core cover applies to almost every industry and sector, the optional extras can ‘fine-tune’ your insurance so that it is specifically designed to cater to your exact needs.
Core insurance includes the absolute essentials (and in the case of Employer’s liability insurance, mandatory) such as:
- Public Liability insurance – to protect your business financially against any claims made by visitors to your office for personal injury or damage to property. This can also cover public areas such as reception areas, private walkways, and car parks.
- Professional Indemnity – As a professional, you and your business are expected to deliver a quality of service that falls within the expected accepted standards of your industry. If mistakes are made and a client sues you then this could be financially devastating to your business. Professional indemnity insurance gives you the reassurance that you are protected against the cost of a lawsuit or claim.
- Employer’s liability insurance – this is the only type of insurance that is mandatory if you have anyone in your employment, whether they’re sub-contracted, work part-time, are full-time, or even some members of your family. You must have this cover in place. Failure to do so can lead to a criminal conviction and a hefty fine.
While your core insurance will give you a certain amount of cover, there are elements of your office insurance that may not be covered by these policies. To work out what optional extras you need, it’s best to carry out a commercial risk assessment and ask yourself what assets are most valuable (and that may include your company information) and how you can protect it.
- Business interruption insurance – if you are unable to continue working and your business is interrupted (for example, as a result of a fire, flood, or damage to the building) then it’s good to have business interruption insurance that will ensure you still have an income to pay any additional expenses as result of the incident. Business interruption insurance ensure you can continue to trade and meet the additional cost incurred in operating.
- Buildings and content insurance – if you own the building your office is located in then you will need to take out building insurance. If you lease or rent your office space then you may not need buildings insurance, but you will definitely need content insurance (and it may even be a requirement of your lease that you have adequate cover in place before you move in).
- Cyber Liability insurance – this will help to protect your business against the impact of cybercrime, from a Denial of Service attack to the theft of digital data, employee mismanagement of information, or a hack that leaves you unable to operate. It can also cover the cost of replacing damaged computers or hardware that has been confiscated as the result of a cybercrime criminal investigation.
How Business Insurance Services can help you
Using our expertise and experience, we work as brokers for businesses across the UK. From SMEs and sole traders through to large office complexes, international corporations, and multi-site businesses, we’re able to create effective and budget-friendly insurance portfolios for our customers, whatever their business. For larger operations, we work with the internationally-renowned Lloyds of London, and as such can act as brokers for businesses that require much more complex insurance for high-risk or multi-stranded business models.
Our job is to deliver top-quality insurance from the UK’s largest and most trusted providers. We use our position to source a choice of options, and then present them to you so you can compare, assess, and make your final decision. There’s no ‘hard sell’, just straightforward, jargon-free information and cost-effective insurance solutions.
We’re excited to provide MyWave Connect to our clients. This resource portal is your one-stop source for not just insurance but all your risk management, compliance, safety, well-being and other business needs.