If you're running your business from a serviced office - Don’t get caught out, check that you have office insurance in place!
Operating your business from a serviced office can have huge benefits, and most of the leading players advertise their sites as a “plug-and-go solution” meeting all your business requirements.
However, we are coming across an ever-increasing number of businesses who are under the incorrect assumption that Public Liability Insurance and Business contents cover is included within their monthly rental costs.
This is NOT usually the case, and you need to arrange your own separate policy to ensure that your business is fully protected.
Review your rental agreement
Speak to your office provider or check your agreement to ascertain precisely what you are responsible for.
Typically, they will provide cover for their contents in communal areas, but you will need to arrange your own policy for items within your unit and your own portable contents.
The following are suggested areas of cover which you should consider for your serviced office insurance package:
#1 Public Liability Insurance
If you come into contact with clients or members of the public, then you are likely to need Public Liability cover.
Public Liability protects your legal liability against claims for injury or damage as a result of the actions of you (or one of your employees) in the course of carrying out your work.
For example, a client is visiting you and trips over a cable in your office and breaks their arm. Your liability policy will typically protect you both at your office, and while working away from the premises. For example, you're visiting a client.
#2 Employers Liability Insurance
If you have any employees, no matter how casual or infrequent, you are required by law to purchase Employers Liability cover, this will indemnity you should an employee suffer an injury during, or as a result of, their employment.
For example, your assistant suffers RSI and claims this is a direct result of the inadequate equipment you have provided.
#3 Business or Office Contents Insurance
Some business contents may be provided as part of your lease.
The first step is to check if you are responsible for these items, for example, if there is a fire or flood, who is responsible for replacing them?
Also, you no doubt have a computer, electronic equipment and/or other items of contents which need to be covered.
For laptops and portable IT equipment such as mobile phones or tablets, you can also arrange cover away from the office if required.
TOP TIP: Many office insurance policies will include a “forcible and violent entry” condition, which essentially means that theft cover is only operative if your office has suffered a break-in.
For a serviced office location this is removing most of the cover; for example, if someone walks into your office and takes a laptop while you are down the corridor collecting your mail, you may not be covered.
Specialist Business Insurance brokers such as Insync can arrange tailored serviced office cover which removes this exclusion and provides the full theft cover you need.
#4 Professional Indemnity Insurance
If you provide your clients' with advice or a professional service such as design, media or advertising, then you are likely to need PI insurance cover.
Professional Indemnity Insurance provides cover for legal costs and expenses if you (or someone in your employment) are alleged, in the course of your profession, to have provided either inadequate advice or services to a client.
The policy will pay the costs of defending a claim, any compensation due to your client and/or rectification costs to remedy the error.
PI cover can also be extended to cover items such as intellectual property breaches, libel and defamation and loss of client data.
#5 Business Interruption (increased cost of working)
A considerable advantage of working from a serviced location is their ability to get you up-and-running quickly after an insured loss.
However, you may still incur some increased costs and expenses which can be insured together with any loss of profit incurred.
6# Cyber Liability Insurance (Internet and Email cover)
Cyber Insurance cover protects your business against modern risk exposures such as hacking which may require an expensive system or website rebuild as well as loss of data risks
If you need advice, why not arrange a free business insurance review with one of our expert insurance team, you can book a slot directly from our website at a time that suits YOUR business?
Alternatively, call us on 0330 124 0730, and one of our team can guide you through the insurance maze!