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Office and property insurance

Asset management

From staplers to servers – it's all essential and it all costs money.

Problem is, replacing lost or damaged equipment takes even more money. And time. Worse, if you can't work, you'll find your clients' patience runs out with their deadlines.

Office insurance protects your investments and keeps you working when the odds are stacked against you.

So, losing a laptop needn't mean losing business.


General contents

This covers fixtures, fittings and non-technical things in your office such as chairs, desks, books, art and personal effects.

If disaster strikes, it's not just the big, expensive things in your office you'll have to replace.

Desks and chairs are obvious enough but what about the details? A notepad here, a kettle there – it all adds up.

An 'all risks' policy like this one means everything's covered for physical damage (accidental or malicious) and other losses like fire, theft and flood. Even if it's temporarily away from your office.

And if you're responsible for things that aren't actually owned by you (you've hired or borrowed them, for example), they're covered too.

What's more, this policy doesn't ask you to prove there's been a break-in following a theft. Light-fingered visitors might cause heartache and inconvenience, but at least your insurance won't make it worse.

Computers

This covers all fixed electronic business equipment in your office such as PCs, printers, servers, software and phones.

Few businesses these days can survive without relying on at least some technology.

A world without email, spreadsheets, and the internet is a pretty lonely and labour-intensive place. It makes sense to protect your equipment and the advantage it gives you.

Thankfully, this is another 'all risks' policy. So your invaluable technology is covered for theft, accidental and malicious damage, loss, fire and flood.

And your equipment is covered even when you're temporarily working at a client's office, too.

Portable equipment

This covers the electronic and specialist equipment that you regularly take out and about such as laptops, digital cameras, mobile phones, tablets and projectors.

If you have a laptop or a smartphone you're in the office. Even when you're not.

Problem is, taking your cutting-edge, fingertip world out and about means it's much more likely to get lost, dropped or stolen. And that could send you right back to the dark ages.

Anything electronic and portable for business use can be covered by this policy, anywhere in the EU or anywhere in the world. The cover is for accidental loss, accidental damage, malicious damage and theft.

Buildings

This covers the building itself but it also includes cover for outbuildings and annexes and, if you lease your office, any improvements you make as a tenant.

Where you work is pretty fundamental to your business. Ironically, because you're there every day, it's easy to take it for granted and forget it needs protection too.

As you'd expect, this policy covers the cost of repairing damage to (or rebuilding) your office caused by fire, flood and accidents. What you might not be expecting is that things like gates, fences, private roads, paths, pipes and cables are covered too.

And in the event of, say, water damage from a burst pipe it covers the reasonable costs you'd incur taking the office apart trying to find it.

Business interruption

This covers the costs and expenses (including lost revenue) you'd incur if you couldn't work in your usual place.

However unreal the prospect of a catastrophic fire, flood or a major theft is, the consequences of not being able to work could cause very real problems indeed.

Without normal access to your office and everything in it, you could find it a real struggle to keep on top of deadlines.

Business interruption insurance helps get you up and running somewhere else, and quickly.

The cover is split into two parts:

  1. Increased costs of working - also known as 'additional expenditure'. If you have to relocate to temporary premises, this policy will cover the moving costs and any extra rent you'll have to pay as a result. If you have to lease additional equipment, that's covered too.
  2. Loss of income - if you're out of action for any length of time, this covers the difference between your actual income and what you'd usually expect, assuming the first is lower than the second.

Business interruption insurance usually covers a twelve month period.

This is the minimum period of cover we'd recommend. Weeks out of action can very quickly turn into months and it's a fact that 80% of businesses fail within two years of a major catastrophe.

So please get in touch on 0845 872 5090 or contactus@policybee.co.uk if you'd like a quote for a period of more than twelve months.

Legal expenses

This covers the cost of defending your company's legal rights in commercial disputes.

Running a business is complicated and potentially onerous. The huge amount of legislation in the UK and Europe means there are numerous legal pitfalls waiting for the unprepared.

In our experience, tax, property and employment issues prove to be the three most common causes of complaints and disputes.

It's unlikely you'll have your own in-house legal department so the next best thing is a commercial legal expenses insurance policy.

In the case of an unexpected dispute it will provide invaluable cover for your legal costs and other expenses. In addition, you get access to a 24 hour legal helpline for advice on commercial law and business matters.

Minimum security

Not unreasonably, the insurer covering your equipment likes to know it's kept safe and sound. So, they want your office to tick these security boxes:

First, that where you work is self-contained. If you're in a shared office, your equipment should be stored in a lockable, separate space or container only you can access.

Second, that all external accessible windows and skylights are:

  • Fitted with window locks, or permanently screwed shut

Or protected by one or all of:

  • Fixed solid steel bars not more than 10 cm apart
  • Fixed expanded metal, weld mesh or wrought ironwork grilles
  • Proprietary collapsible locking gate grilles

And third, that your final exit door is secured by either:

  • A mortice deadlock
  • A BS3621 standard (or better) rimlock
  • A key operated multi-point locking system having at least three locking bolts

If you're not sure you have what's needed, don't worry. There are alternatives and we're happy to talk them through.

Feel free to get in touch on 0845 872 5090 or send an email to: contactus@policybee.co.uk.

Office insurance explained
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Jane Aldous - our office insurance expert

I'm Jane,
our office insurance expert.

Got a question? Need a quote? Call me on
0845 872 5081, or click
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