What’s more important: the work you do or the stuff you need to do it? Can one exist without the other?
Insuring your office and the bits and pieces in it might not be the most exhilarating thing you’ll do this year but it could well be the most sensible.
Nothing wrong with that, though. We like sensible. Sensible is good.
What is it?
As you might expect, office insurance covers property (owned by your business and anything you’re responsible for) at your place of work and when it’s out and about.
It covers accidental damage, theft and total loss from things like fire and flood.
Fairly obviously, what’s covered depends on what you have and there are specific sections for general contents (non-technical things such as furniture, plants, books etc), fixed IT equipment (PCs, servers, phones etc) and portable electronic equipment (laptops, digital cameras, tablets etc).
What’s in it for you?
You wouldn’t think twice about insuring your home and contents. And so it should be with what you use for work.
Arguably, it’s even more important. You need it to run your business, and your business is your livelihood. We’ve dealt with enough property claims to know how troublesome they can be, particularly for freelancers and sole traders. That lost laptop can really scupper your chances of hitting deadlines and completing contracts.
Yes, we know it’s another cost to bear. But, if it represents a lower cost (in both time and money) than replacing property yourself then it’s got to be worth it.
Do you need it?
If you have lots of disposable income, or you can still function having lost some or all of your tools of the trade then, no, you probably don’t.
But, for an idea of how you’d cope, have a look around your office and tot up the cost – in time and money – of replacing everything. And we mean everything, right down to the last pencil. Makes you think doesn’t it?
Before you rush out and buy a policy, there are a couple of things to think about first.
Be mindful of the policy excess (the amount you have to pay if you make a claim). If it’s set quite high, say £500, it won’t be worth making a claim for single items worth less than that.
And depending on the total value of what’s insured, it’s possible your insurer wants your premises to look like Fort Knox. Fitting compliant security measures can cost quite a bit – check the wording and make sure you’re not spending more than it’s worth.