Insurance for the Workplace

What is Business Insurance?

Running a business doesn’t only come with additional costs, but it also comes with many risks. Business Insurance is a way to protect your business, and the parties that it interacts with, from the financial loss that occurs as a result of the various risks that you as a business owner are exposed to. 

These include, but aren’t limited to, damage to your property, a professional mistake (such as giving the wrong advice), or simply being the victim of theft.

What is Office Business Insurance?

At Budget, we offer different types of insurance depending on what your business is and what cover it needs. Office Business Insurance specifically refers to the actual workplace and covers you against unexpected events. Examples of these unfortunate events include damage or loss of your equipment due to a fire, flood or theft. Office Business Insurance can also protect your business against costly legal claims, whether made by your employees or the public.

Who needs Office Business Insurance?

Your business is unique and so are its insurance needs. There are very few, if any, companies that would be able to replace the entirety of their office contents without blinking an eye. If that’s you, congratulations! (Really, well done). But if the thought of losing the entire contents of your office, including furniture, equipment and stock, scares you, you probably need Office Insurance.

What does Office Business Insurance cover specifically?

There are many different risks involved when owning and running your own business. On top of the stress of actually bringing home the money, there are some situations that you might find yourself in unexpectedly. 

Situations that could result in you being out of pocket include:

• Fire

• Flooding

• Theft

• Malicious damage 

• Storm or lightning damage

You can think of Office Insurance as basically covering anything that you would take with you if you had to move to another office. This can mean anything from the basics such as computers, desks and chairs, to specialized equipment that your company uses. 

It could even cover artwork that you’ve chosen to decorate your office with, signage outside your business and portable equipment that is taken away from the office on a regular basis. 

Depending on the type of cover you need, office contents insurance can also cover stock, which means you’d be able to recover the costs if it were stolen or damaged. 

What does Office Business Insurance NOT cover?

This depends on the specific cover you’ve taken out for your business, however normally the below is not covered:

• Wear and tear of your equipment.

• The structure (i.e. walls, roof or floors) of your office’s property.

• Damage to computers caused by a virus.

What are the benefits of having Office Business Insurance?

The main reason for having Office Business Insurance is, of course, to be covered in case of damage to the contents within your workspace. It’s important to remember that it’s not just the cost of having to replace items. 

If everything within your office or work area was to disappear or be damaged beyond repair, it’s likely that you wouldn’t get any income until such a time as replacing said equipment. Because who can get work done without the tools necessary to do it?

Having Office Business Insurance means that you can get up and running again as soon as possible. Ensuring that you don’t lose out on too many valuable working hours.

What does Business Insurance cover?

No two businesses are the same and so the type of cover that you need may differ to the business next door. Most companies will opt to get a standard Business Insurance that, in addition to covering the contents, can also cover your business for things like:

• Motor Cover

Cover for your business’ vehicles against damage, loss, theft and liability to third parties or their property should you be held legally responsible. 

• Fire Cover

For damage to your buildings, machinery, tools, equipment and all other contents, fixtures and fittings, stock and materials, and miscellaneous items.

• Business Interruption

Cover for loss of income and/or profits due to loss or damage to your business property.

• Buildings Combined

Cover for the permanent structure of your business due to loss or damage.

• Accounts Receivable 

Compensation should you not be able to trace amounts owed to you because your financial records were lost or destroyed.

• Money Cover

For the loss or damage to your cash, cheques or your safe.

• Fidelity Guarantee

Cover for losses due to fraudulent acts committed by employees.

• Glass Cover

For the fixed glass at your business premises.

• Business All Risk Cover

For your business items that are regularly taken away from your business premises.

• Goods In Transit Cover

For business goods or goods that you are responsible for when they are being transported.

• Accidental Damage 

Cover for your business goods or goods you are responsible for at your business premises against accidental loss or damage which are not excluded on your policy.

• Machinery Breakdown 

Cover against sudden and unforeseen physical damage to any machinery or part thereof occurring at your business premises. 

• Machinery Breakdown Business Interruption 

Covers you for any loss of income as a result of sudden and unforeseen physical damage to any machinery described in the machinery breakdown section of your policy, if it occurred at your business premises. 

• Deterioration of Stock 

Cover following the breakdown of machinery that is insured under your machinery breakdown section of this policy.

• Motor Traders Cover – for vehicles not owned by you 

Cover for vehicles not owned by you, but in your possession for business purposes, whether on your business premises or elsewhere. 

• Motor Traders Cover - for vehicles owned by you

Cover for vehicles owned by you for the purpose of sale, demonstration, test driving or temporary use by your customers. 

• Public Liability 

Cover should you be held legally responsible for injuries or death of a third party, or damage to their property.

• Group Personal Accident Cover

Provides cover for an insured principal, business partner, director or employee, referred to as the insured, of the insured business becomes permanently disabled, incurs non-medical expenses or dies as a result of an accident.

Are there other more specialized types of insurance? 

We want to provide your business with the cover it needs to ensure that you have peace of mind, no matter the circumstances. Some types of businesses may require more specific cover for what they do. 

Here’s some examples of these types of cover:

Professional Business Insurance

Typically for businesses such as law firms, architects, accountants and engineers. 

Tradesman Business Insurance  

This is the perfect type of insurance for someone who’s out on the road all the time. Examples of tradesmen are plumbers, electricians, painters and handymen, amongst others. 

Medical Business Insurance

Medical professionals such as doctors, dentists, psychiatrists and veterinary surgeons could require cover for anything from valuable equipment to public liability.   

General Business Insurance

Ideal for retailers, florists, hair and beauty salons, coffee shops, funeral parlours, and bookstores, General Business Insurance provides a wide range of cover for numerous eventualities.  

Guesthouse and Bed & Breakfast Business Insurance

For guesthouses and B&B’s, having people staying on your property opens up a whole new array of risks.

What if you work from home?

If your primary work area is not at home, but you have a home study, then those contents would be covered by your home contents insurance and building insurance if you have those. If, however, your home office is your primary place of business, then you would need to get home-based Office Insurance. You can find out more information here. 

Biz Assist benefits

In addition to offering you great cover, at Budget, we not only provide you with the Office Business Insurance, you also have access to Biz Assist. Included within all our policies (except for Specialist Liability policies), the service provides 24/7 online and telephonic support - at no extra charge!

Biz Assist can offer you advice on how to grow your business and even gives you access to specials ranging from stationery to car hire. It’s a practical benefit package designed to help you reach your long-term goals. 

Office Business Insurance quotes

Get in touch today to get an affordable Office Business Insurance quote from Budget! Call us on 0861 08 88 90 or leave your details and we’ll get back to you with a quote to suit both your business and your budget.

Affordable, ‘cos you can’t afford not to!