Office Insurance is critical for any Business
When you start any sort of business as an entrepreneur, even if you are a one-man business to begin with, as many are, one of the essentials is office insurance / business insurance. Even if you begin your business from the kitchen table, you will no doubt have a laptop, you may have a copier, printer, fax machine, and more, and when you use all these for business you will often find that they are not covered on your home contents insurance. One catastrophic event, or even a lawsuit, could wipe out a small business before it has had a chance to get off the ground. So, if you start off by working from home, ask your insurance company for additional insurance to cover you.
One of the first things that you should consider is professional liability insurance. Anybody can make a mistake. Let’s suppose you are an accountant. You could unknowingly fall foul of a little-known law which might have the effect of your client being sued by the Inland Revenue. In turn, that client may well sue you for damages.
You may be a building contractor, and in the course of a small construction accidentally drop something from a height which strikes someone on the ground causing serious injury. You may take every care, and no doubt do, but perhaps a storm blows up out of nowhere. You can bet your life that, in these days of ambulance-chasing lawyers, you are going to be on the wrong end of a big claim. Even if you have a limited company, a court may still hold you personally liable which could result in bankruptcy. Now obviously, every business is different, so you will need a policy that is customised to your needs.
If you are manufacturing any products, you will also need product liability insurance. You may need product liability insurance even if you do not manufacture the product, but act as a middleman. If something goes wrong and somebody is injured or caused loss because the product did not perform as specified, or was faulty, you may be held liable.
Another form of insurance that you will require, as soon as you hire your first employee, is workers compensation insurance. You may only run an office with no large pieces of machinery such as would be found in a factory, but there are such things as slip and fall accidents, for example. An employee may trip over a loose piece of carpet or equipment left in a position where it should not have been. In fact, slip and fall accidents account for some 40% of all accidents in the workplace, and they can result in very serious injuries in some cases, and are occasionally fatal.
Whether you own or lease your office space, office insurance is essential. You need to cover all your equipment – computers, copiers, printers, and so on – in the event of fire, theft, or perhaps a raging storm, and of course, at The Insurance Broker we can help you with that. Let’s say you are an accountant again. You will keep all your documents backed up in the cloud, no doubt, but what happens if a large client brings in a big file of paperwork concerning his accounts and tax on Thursday afternoon, and on Thursday night there is a fire before you have had a chance to copy all the documents and add them to the server?
In addition, you will need business interruption insurance. If a disaster occurs it can mean that you cannot trade. This particularly applies to businesses such as a retail store. If a fire wipes out your premises you are out of business, perhaps for a very long time, and you have staff to pay, stock to replace, your staff cannot work, you cannot manufacture products because your machines have all been affected, you cannot make sales calls because you have nothing to sell, and you have no income. This is why business interruption insurance is another vital piece of the puzzle.
At The Insurance Broker, we can help you by analysing your business and advising you on the right type and levels of insurance you need in order to make sure that you are covered for all eventualities.