The wide variety of policies available for office contents insurance are designed to cover the different needs of businesses. These insurance needs depend largely on the size of the office and what the overall value of the contents is estimated to be.
The Need for Office Contents Insurance
Business owners should take a close look at what would happen to their businesses if the contents of their offices was suddenly inoperable or gone entirely. Insuring the contents within an office should be considered as important as insuring the office building itself.
Certain business insurance policies may cover the building as well as all of the contents contained within the building, but this is not always the case. It is important for business owners to check their existing policies to make sure contents are adequately covered.
Business owners looking for new policies should speak to their insurance representatives about ensuring the contents are covered as well as the building itself. If only the building is adequately insured by a policy provided by the leasing arrangement, additional office contents insurance should be purchased.
Home Office Contents
Business owners who work out of their own home may assume that their homeowners insurance covers all the contents within their home, including any equipment or furniture that is used for business functions. The truth is that these items may not be covered by a homeowner's insurance policy, even if the items are housed under the roof of the insured home. If the items are not originally specified on the insurance policy as being used for business within the home office, an insurance claim might be denied. This is especially true if the homeowner policy specifically excludes any contents for business use.
People who work from their home should contact their homeowners insurance company first to find out if their home office contents are included on their existing policy. If not, it may be possible to add an extra coverage rider onto the homeowners insurance policy specifically for the office contents. Some insurance companies will instead issue a new policy specific to the office contents. There is also a chance that some insurance companies will not insure these items, so coverage will need to be obtained from another company entirely.
Obtain Coverage for Office Contents
If your existing insurance company does not provide insurance for office contents or if the coverage provided by your existing insurance company is inadequate or too expensive, review the coverage options available through the companies listed below. Keep in mind that this list is merely a brief look at companies offering contents insurance for offices, so do not limit your search to these few companies.
Websites like E-Insurance will provide quotes from a variety of insurance companies. While they may not have as extensive a list of insurance companies offering coverage for office contents insurance as they do for something like simple auto insurance, online insurance brokers may be able to find a suitable company to provide contents insurance for offices.
In addition to covering the repair and replacement of office contents, some policies will also provide monetary compensation for instances of business interruption when equipment fails to work correctly as the result of a covered incident, such as a flood or storm that forces the electricity to temporarily stop working.
Speak to an insurance representative about the best coverage for your business needs.