Why Your Business Needs Office Insurance

Why your business needs office insurance

When you own a business, many things can go wrong. Office insurance ensures that you and your business are protected. Regardless of the size of your operation, you need insurance that can shield you from various financial losses that could otherwise be disastrous. 

A robust office insurance package in Alberta will safeguard your premises, equipment, and databases, all while protecting you from possible liability claims arising from employees or clients. Any of these costs can be expensive and debilitating for a business. However, with the proper insurance, you can soon resume operations and get back to doing what you do best—serving customers and growing your company.

If you’re questioning whether you really need office insurance or are simply curious about what a medical office insurance package covers, this post will overview potential instances where insurance can help your business with incurred losses.

If an Employee Needs to be Compensated

Even when you put time and effort into creating a healthy work culture with happy employees, you may still end up needing to compensate a staff member. An employee could become injured at work, or there could be other damages that you may bear the legal responsibility for.

General liability (employer’s liability) insurance protects you and your business. It will allow you to access funds to compensate employees for anything that you are liable for. Even if your office exclusively works with volunteers or freelancers, general liability insurance is still an important assurance.

If a Customer Gets Injured

Your office should be made as safe as possible not just for employees, but for customers as well. General liability insurance will again protect you and your business if you are found legally liable for third-party bodily injuries.

If Your Business Needs to Relocate

Forced relocation and other causes of business interruption can have a damaging impact on your business. Business interruption insurance aims to lessen the negative consequences that your company may face after property damage, or destruction forces you to close or relocate.

You can be covered for lost income, rent, overheads, wages, and other bills that could otherwise devastate a business. Just because you can no longer open your doors does not mean that the bills stop coming.

If Your Building Sustains Damage

If you own the building where your business is located, then building insurance will protect it in case of damage or destruction. Your property is an important asset. Safeguard it from fire, theft, vandalism, storms, and other acts of nature with building insurance.

If you do not own the building, then this insurance is the responsibility of the landlord or property owner. However, if you install a new feature such as a meeting room or kitchen, then you must make sure that this is added to the insurance. Anything that is a permanent fixture of the building is included in building insurance (for example, sinks, windows, rooms, etc.).

If the Contents of Your Office are Damaged or Stop Working

Regardless of whether you own the property that houses your business, it’s likely that you own all the contents—that is, all the equipment and supplies that allow your business to function (our landlord will have a separate policy for the contents that they own, if any.) Even if you do own the building, everything inside that is not a permanent fixture still needs to be insured. 

Even if crucial equipment or supplies are lost or damaged, you want to keep your business operational. Office equipment insurance will cover the costs of equipment and supplies so you can keep your doors open. Equipment breakdown insurance can replace equipment that has sustained electrical or mechanical damage.

One of the most important things you can do following a crisis is to keep your business operational. Insuring your business’s contents, equipment, and supplies can help you do this.

If Your Systems are Hacked

Cybercrimes are becoming increasingly common. If your business stores sensitive client information, then you need to protect your business in the event that your system is hacked. Cyber liability insurance will offer coverage for cybercrimes against you and your clients.

If a Client Files a Claim Against You

While it is always the aim to satisfy a client, errors or omissions can still occur in your work. If a client files a claim against you, then professional liability insurance can cover the losses associated with that claim.

Your Business Needs Office Insurance

Office insurance is essential for any business that exists in a physical space. There are many different causes of financial loss that can put your business at risk, and a comprehensive office insurance package will help protect both you and your company. Choosing to go without insurance is to expose your business to unnecessary risks that could then lead to financial ruin.

Your comprehensive policy from Bow Valley Insurance will safeguard your office in case of professional errors, fire, equipment failure, business interruption, cybercrimes, accidents, and more. While any of these events could devastate a business, proper insurance will help you weather the storm by helping you cover the costs.

Our insurance packages are tailored to your specific business, allowing the policy to encompass the risks unique to your industry. By learning about your business and presenting possible insurance packages from leading insurance providers, we are able to find you the best coverage for your needs at the best price. When finding the perfect package for your office, we consider not only the potential risks, but also the potential savings. We understand that the more money you can save on insurance, the more you can invest in your business.

With comprehensive office insurance, you can focus on the success of your business without worrying about what will happen if disaster strikes. The right policy will ensure the continuity and longevity of your business.

To get your free, no-obligation quote on a comprehensive office insurance policy, please call us at 1-844-310-9918 or contact us here.

Coverage is subject to policy wording, terms, conditions, and deductibles. Protection is limited to the perils, coverage, exclusions, and limits shown on the policy.