Office Insurance

Below, we’ve listed the common coverages found within an office insurance package. Please note, due to the variety of business types found behind the doors of an office, not all coverages may be applicable to your business. Alternatively, you may need additional coverages not listed here.

• Commercial General Liability Insurance (CGL):  CGL protects your business against third-party bodily injury or property damage claims that you’re alleged to have caused. An accident can be as simple as a client tripping over a poorly positioned doormat in your reception or accidentally spilling a hot beverage over your client’s new carpet during a sales visit. Commercial General Liability Insurance will typically cover medical fees and legal expenses, and other related costs (such as replacing their carpet) regardless of the lawsuit’s outcome.

• Commercial Property Insurance: Commercial Property Insurance is an important coverage whether you own your office space, lease, or have a home office. With Commercial Property Insurance, you protect your business office contents from insured events such as a fire, theft, or flood. This coverage also often includes business interruption coverage. Business interruption coverage provides reimbursement for income that’s lost following a covered property loss. It can also provide coverage for other expenses such as rent and electricity while your business is closed. For example, say your business office was flooded during a storm – the carpet was destroyed, and affected electricals destroyed your computers. Commercial Property Insurance could cover the cost to replace the computers and carpet. Chances are you had to close up shop for some time for these repairs to take place. Business interruption coverage could cover the costs of running your business during the time you were forced to close.

• Professional Liability Insurance: Although not directly protecting your office, Professional Liability Insurance is an optional but important coverage if you provide advice or offer services in exchange for a fee. It can provide financial coverage against allegations that your services weren’t adequate and, in turn, they directly caused a negative outcome for your client. For example, say you’re a marketing firm creating a product campaign on behalf of a client. Upon delivery, your client alleges that your work isn’t marketing their product correctly and can’t use it. Should they sue you for failing to meet their standards, Professional Liability Insurance could cover the costs of legal fees and any other expenses related to the case.