OFFICE INSURANCE: 3 Coverages You MUST Consider

Office Insurance questions to consider:

  • What types of coverages do you need for your office?
  • What do you need to know before you buy?
  • How much does office insurance cost?
  • Where is the best place to get office insurance?
  • Who is the best office insurance carrier?

These are all tremendous questions we’re doing to address today.

Watch the video below or keep reading to learn everything you need to know about office insurance…

 

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Office Insurance

There are a few main coverages you’re going to need for an office insurance program: Business Owner’s Policy, Worker’s Compensation, as well as Cyber Liability, Employment Practices Liability, and Professional Liability.

Business Owner’s Policy for Offices

When it comes to insurance for your office, the first policy that you’re going to need is most likely, this is the vast majority of the cases, 95 plus percent of the cases in which you are operating your business out of an office or an office environment, or some sort of hybrid office work-from-home environment is a Business Owner’s Policy also known as a BOP.

The reason for this is a BOP includes a whole package of coverages, which normally would be much more expensive and much harder to get if you were to buy them all individually.

Insurance carriers package these coverages together and sell them as what’s called a business owner’s policy.

Your office insurance BOP is going to include your general liability and your business property.

If you own the office building itself, it’ll include coverage for that building. It’s going to include business interruption, as well as loss of use.

It’s going to include all kinds of different things. It might include personal injury liability. It might include things like employment practices liability. It’s going to include money in securities.

Insurance companies providing office insurance have commoditized BOP policies over the years, so for most types of risks, most office environment coverages will be fairly standard.

This makes it extremely important to shop around and make sure you can find the right carrier for your type of office at the right price. You’re looking for that policy to make sure that you have the right endorsements that are particular to your business.

Worker’s Comp for Offices

The other main type of coverage that you’re most likely going to need is workers’ compensation.

Workers’ compensation used to be fairly straightforward for office risks when everyone was in one place. But now that we have these hybrid work environments, where many employees are working completely from home or are doing some sort of hybrid home-work, maybe two days in, two days or three days out of the office, or some version of that, workers’ comp has become a little more complicated for office risks.

To this extent, you want to make sure that you have your workers’ compensation policy set up to provide coverage, not just for your office space in particular before employees when they’re working at home because if they get hurt during the course of duty at home, you want to make sure you’re of coverage.

This is especially true if one of those employees lives in a different state than where your office is located.

Other Coverages to Consider

Other coverages to consider, are employment practices liability as we discussed before. these are standalone policies, this is employees doing things to each other or having contractors come in that could be harassment, discrimination, bullying, etc, and any of these types of employee-related things.

You’re going to want to look at cyber liability as well. There is a huge risk, probably even more important than your general liability these days that offices have cyber liability insurance.

And depending on what you do, you may have errors and omissions, or professional liability insurance as well not to mention a commercial auto exposure.

The Rub

What’s important for office insurance is the BOP, the worker’s comp, those are the two big ones, and then mixing in other coverage as it makes sense for your business.

You may want a commercial umbrella, cyber, EPLI, but if you find the right agent, or a brokerage, Rogue Risk, that you can trust, you appreciate, is easy to work with, they can help you find the right carrier and coverage mix.

If this is the kind of relationship that you would like with your insurance provider, we would love to talk to you.

I look forward to introducing you to a new way of viewing your insurance program.

Thank you,

Ryan Hanley

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