Safeguarding the day-to-day running of a company is the core objective of every business owner. Increasing profits and outperforming the competition are undoubtedly vital boxes to tick, but without a fully functioning business and office space, none of that would be possible. To protect daily business operations and the all-important bottom line, business owners need to invest in office insurance to ensure that their well-oiled machine keeps chugging along.
In this article, we discuss why office insurance is integral for businesses, and why an all-in-one policy provides the best cover.
What is office insurance?
Office insurance is a crucial investment for any business, no matter how big or small.
It offers protection against unexpected events that can disrupt business operations and as a result, cause potentially significant financial losses. Such incidents include:
- Damaged or stolen property
- Structural damage
- Equipment breakdown
- Bodily injury
When choosing an office insurance policy, it is important to understand what is included and what is not, particularly when it comes to all-in-one office insurance.
Why does a business need all-in-one office insurance?
An all-in-one office insurance policy is an important choice for all businesses, as it includes several areas of cover to protect a company against risks that are specific to its operations.
For example, a small business which may be run from a home with a skeleton crew will have vastly different insurance requirements to a medium-sized enterprise, with large commercial premises and a high-volume workforce.
While the level of cover may vary, there are policy staples that are common to businesses of all sizes.
An all-in-one office insurance policy typically consists of several different coverage options:
Commercial Property Insurance
Property insurance covers damage to office property and contents, including equipment, furniture and fixtures. It also provides for the loss of documents, data and records due to events such as theft, fire or flood.
In the context of property coverage, it is essential to select a coverage limit that is relevant to the business at hand. This means taking into account criteria such as the size of the operation, current revenue, the nature of the work carried out, and more, which will all help to establish the potential risk involved.
Business Interruption Insurance
Should daily operations be compromised as a result of an unexpected event, such as a fire, natural disaster or vandalism, a business may need to temporarily shut down. Business interruption coverage is designed to cover the loss of income during this time, as well as any extra expenses incurred while resuming business as usual.
Public Liability Insurance
Public liability coverage protects a business from claims made against it by third parties, such as customers or suppliers, for personal injury or damage to their property while on the business premises or carrying out work on behalf of the company.
Employers’ Liability Insurance
If a business retains a team of employees, regardless of the size, employers’ liability coverage is vital. Although not mandatory by law in Ireland, it is deemed a necessity as it provides coverage for claims made by employees for injury or illness caused by or during their work.
Out of the 5,049 Employers’ Liability claims received by the Personal Injuries Assessment Board (PIAB) in 2020 alone, 1,103 awards were issued with the average award amounting to €30,558. Making such a payout (not to mention the associated legal fees involved) would deal a significant financial blow to any company, particularly a smaller enterprise, highlighting the importance of having sufficient comprehensive office insurance cover in place.
Choose the right office insurance with ERM Financial Services
At ERM Financial Services, we understand the importance of all-in-one office insurance for businesses of any size. Our office insurance policy packages are tailored to protect your business in the event of an incident that prevents access to your premises, including a home office, or your equipment within.
Our experienced team of insurance brokers will work with you to assess your risks and recommend the right coverage for your business. We pride ourselves on offering personalised service and building long-term relationships with our clients.