What Coverages Do Office Space Insurance Policies Offer?
Because the coverages in an office space insurance policy can often be adjusted to suit a particular business’ needs, the exact coverages provided can vary from one policy to the next.
Some of the coverages that may be found in an office space insurance policy include:
- Building and Business Personal Property Coverage, which may cover the building a business owns and items kept in the building’s office space
- Business Income and Extra Expense Coverage, which may cover lost income and other expenses if a covered incident forces an office to close
- Business Liability Coverage, which may offer liability coverage for common accidents
- Computer Coverage, which may cover both computers and the data that’s stored on them
- Employee Dishonesty Coverage, which may cover dishonest or fraudulent acts committed by employees
- Money and Security Coverage, which may cover money and securities kept in an office
- Value Papers and Records Coverage, which may cover valuable documents and records that are kept in an office
These are just some of the many coverages that a policy might provide. If needed, a policy might also be able to give a business employment practices liability coverage, fine arts coverage, outdoor sign coverage and storage building coverage.
What Massachusetts Businesses Should Consider Office Space Insurance?
Most businesses in Massachusetts that have an office can benefit from the protections office space insurance affords. A few businesses that may want this type of insurance are:
- Medical and dental practices
- Architectural firms and engineering consultants
- Real estate agents and mortgage brokers
- Legal practices and consultants
- Insurance agents and claims adjusters
- Marketing research firms and advertising agencies
- Appraisers and interpreters
Is Business Insurance for an Office Expensive?
As is the case with almost every type of insurance, the cost of business insurance for an office is dependent on many factors and varies. Some of the factors that may affect a policy’s premiums include:
- The size of an office
- Where an office is located
- What type of work a business engages in
- What coverages and limits a business selects
Generally speaking, office policies are affordable for the protections they provide. Of course, it can be much more expensive to not insure an office because not carrying insurance leaves a business individually responsible for the risks it’s exposed to.
How Can Businesses Save on Business Insurance for Offices?
Insurance companies often offer discounts to businesses that take certain precautionary measures. Often, businesses can reduce their office policy’s premiums without sacrificing coverage by installing burglar and fire alarms, installing an automatic sprinkler system and purchasing multiple insurance policies from the same insurer.
How Can Massachusetts Businesses Get Office Insurance?
For help finding an office insurance policy, Massachusetts business should contact an independent insurance agent who’s familiar with the risks offices are exposed to. An insurance agent will be able to help a business select the coverages it wants and find a policy that offers those coverages.
