In today’s world, offices are sometimes not even required to service customers, so is office insurance really important to have? Considering that many ‘offices’ have moved into homes today, wouldn’t the homeowner’s insurance policy cover any problems that might occur? The answers to those questions are yes, it is very important to have office insurance, and no, you cannot count on a homeowner’s policy to pay for business issues.
Just consider what might happen if there was a fire in your office, and all of your documents and computers were destroyed. Without your files, papers, and filing cabinets, as well as all of the documents that you’ve stored on your hard drive, would you be able to continue working where you left off? With all of the recent storms and tornadoes, if your computers were fried by a power surge, would it put you out of business? Losing your equipment may very well mean losing your livelihood.
These problems can certainly be averted if you have good office insurance in place. It will safeguard both the physical location of your work, but also your entire company and all of its assets. Retaining control over your organization, no matter how small or large, is vital during times of crisis, and when you have office insurance to cover all aspects of the workplace, including income for yourself and any other workers, and lease expenses for the physical plant. Office insurance should be viewed as a necessity and incorporated into your initial business plan and all subsequent budgetary meetings. Many people mistakenly believe that their homeowner’s insurance will cover losses and damages to their home office. Unfortunately, it typically will only pay very minimally; no business liability insurance, no coverage for damage or loss of your company’s records, no coverage for cyber-crime or business interruption.
A more specific type of coverage is errors and omissions insurance. One such type of insurance is the malpractice insurance that doctors, and doctor’s offices, arrange to protect themselves from claims that they did not do their job properly. It is insurance that you purchase hoping you will never need to use, but it gives you peace of mind knowing it is in place, as it can protect you from devastating financial losses.
Effective policies will cover a wide array of occurrences, from basic replacement of equipment for the office and repairs of office space to any physical harm to workers or embezzlement. Insurance companies attempt to offer comprehensive policies that cover almost any unfortunate circumstance that can arise. Likewise, the greater need for this type of insurance has spurred more companies to focus on it, and to offer policies which are a perfect fit for any business from a sole proprietorship to a large multi-national company. Proper protection starts with getting several quotes from highly-rated office insurance companies.