Running an office means managing a group of people. It also means maintaining the safety and security of the space. You may spend time ensuring the equipment is running right, too. All of this presents risks to a company. Business insurance helps minimize those risks. Though an office space may seem like a very safe place to work, these risks can put you out of business. Here is how to insure your property to avoid this.
Protect Your Company’s Assets First
At the heart of the process is protecting the assets your business owns. If you own the building you operate in, property insurance is essential. It may help protect against risks such as fires and vandalism. You also need to protect the assets within your business. This includes equipment, inventory, and furnishings.
Work with your insurance agent to ensure your coverage is enough to minimize risks for all aspects of your property. This should include any material stored in outbuildings and any records.
Minimize Liability Risks
Every business, even an office business, has to worry about liability. Even if you are a business-to-business organization, someone can walk in, trip, hit their head, and file a claim against your company. Liability is the tool to prevent your company from having to pay for these losses. Many companies need liability insurance of $100,000 to $1,000,000 depending on their industry.
Protecting Your Employees in Their Cars
Do your employees go from one appointment to the next on business time? They may use your company cars to do so. Having commercial auto insurance may be necessary here. If your employees use their own cars, you may or may not need to insure them, depending on the frequency of use.
Workers’ Compensation Claims Are Essential
Many states require companies to carry workers’ compensation insurance. Even if you have a small office team that seems pretty safe, having coverage is vital. Tedious tasks and repetitive motion are the highest risks associated with on-the-job injuries in an office.
Other Types of Business Insurance
Depending on your company’s operations, you may need additional types of protections. This may include:
- Business interruption insurance in case you cannot operate in your place of business for some time
- Product liability insurance if you manufacture or distribute any type of product
- Professional liability insurance if you provide consulting or expert-level advice to others
Work with your Fort Lauderdale business insurance agent carefully. Describe the type of work you do, who works for you, and the type of risks your company faces. A comprehensive business owners policy keeps your company running.