How important is office insurance? Whether you own your own business property or lease your workspace, there’s a risk of both the building (the actual bricks and mortar) and its contents (fixtures, furniture, equipment, etc.) being destroyed or damaged by acts of weather such as windstorms or tornadoes or through criminal activities, such as theft, arson, or vandalism. While your landlord may have taken care of building insurance for your leased workspace, it’s up to you to cover your office contents by purchasing office insurance. Even if you work out of your home, like many small business owners do, your homeowners policy won’t cover you for business property losses or will have a small limit. Therefore, every small business owner should consider office insurance in the form of general liability insurance and business property protection insurance.
General liability insurance, also known as commercial general liability insurance, provides extensive coverage to the small business owner, his business, and employees for financial claims and losses for property damage, personal injury, bodily injury, and advertising injury arising out of direct or indirect actions of the insured. It’s the quintessential and standard liability insurance for businesses of all sizes, and many prospective business clients and vendors require it.
Examples of incidents where general liability insurance offers protection include:
Business Property Protection
Business property insurance generally covers a small business owner’s building, building contents, equipment, and personal property within the covered property. Most business property protection policies cover windstorm, fire, lightning, vandalism, and explosion damage. It’s important not to overlook your office contents. After all, the cost of computers, mobile phones, tablets, scanners, fax and copy machines, furniture, and inventory can add up fast.
Business property insurance doesn’t provide earthquake or flood coverage as a matter of course; you’ll need a separate policy for those. Further, business property insurance can be a combination of general and specific coverage tailored to your business, so it’s best to consult your insurance representative to craft a policy to meet your business property protection needs.
Examples of occurrences where business property insurance offers protection include:
General liability and business property protection insurance are two of the most important investments a small business owner can make. Keep in mind, having a small office doesn’t absolve you of risks. Don’t gamble on your property and risk the loss of assets, clients, and quite possibly your nest egg.
Make sure that you get the proper office insurance coverage by talking to a BOLT insurance agent today.
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