by Matt Withers
There are many different insurers offering products to protect your office. Normally, this involves several different covers wrapped up in the one package policy. Not only is this more convenient for insurers, but it is more convenient for the policyholder, and that's just the start of the benefits. Due to the spread of risks, insurers can offer a standardised product at a more competitive price than otherwise, potentially attracting more business to them, but this also results in cheaper rates, and wider cover, for the buyer too.
So what covers does an office insurance package contain?
Public and Employer's Liability cover - Business Interruption - Stock and Contents
Although this is quite basic, office policies will offer other covers as standard too, but the types and amounts will vary between insurer.
As you may have guessed before now, insurers all have their own slightly differing ways of assessing a risk so they will offer different levels of cover and different options will be available depending on what risks they understand best, and what markets they want to be a part of. This means one insurer's package may suit a particular business a little better than someone else's, or it may be cheaper as an insurer may have more experience of a certain market or trade.
Other covers are commonly:
Electronic Equipment - Tenants Improvements - Buildings Cover - Legal Expenses
That's the basics, but there are also other things to consider, such as how flexible is a policy? If your business is new, chances are it will grow (hopefully) quite rapidly. In such a case as this, are there any extra fees to pay, and how much are they, if you decided to change your policy by upping the level of cover mid way through the year?
Taking these things into account, a policy that is cheap to buy in the first place, may not be so cheap when mid year amendments come to be done.
A further example could be where the business undertakes a different activity that the current insurer may not provide cover for at all. When changing the insurer, will the first insurer refund any premium?
Of course it also depends what your trade is. Most standalone office policies do not provide liability cover for any work away from the premises, they are purely for the office. However, some insurers recognise that some sales staff may often need to leave the office to fulfil their duties. So long as they are not doing manual work, cover may still be offered for work away, useful for trades such as estate agencies and the like.
Taking everything into account, office insurance policies run for twelve months, so it's best to consider the position of your business over that twelve months before making a purchase.
M Withers is Marketing Manager for Coversure Insurance Services. For an <a href="http://www.quote-4.me.uk/office-insurance.php">office insurance</a> quote or more information about any other kind of <a href="http://www.quote-4.me.uk/commercial-and-business-insurance.html">business insurance</a> visit our site.
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