Office Insurance

We provide Office Insurance for small and large companies across many sectors including financial services, consulting, technology, engineering, construction and manufacturing.

Our current clients include sole traders and large firms with hundreds of employees.

We get the best quotes because we work with more than 40 specialist insurers across Ireland, UK & Europe. We also have a team of qualified and experienced professionals as well as dedicated claims handlers.

What is Office Insurance?

Office insurance is a package policy and typically includes all or some of the following cover options:

Property Damage & Computer Equipment
Property Damage Insurance provides protection for businesses in the event that their property is accidentally or maliciously damaged. The cover can extend to a range of risks (also called perils) such as fire, storm, flood, lightning, explosion, malicious damage, escape of water from burst pipes or tanks, impact by vehicles, theft or attempted theft, subsidence, oil leak or any accidental damage. The policy can cover buildings, landlord fixtures and fittings, tenant’s improvements, contents, fixed plant and machinery, computer equipment, stock, customer goods in trust and fire brigade charges. Policy extensions can include Goods in Transit, Cash/Money, Loss of Licence or Mobile Property (regularly used away from the insured premises). Always subject to the policy terms and conditions.

Business Interruption
Business Interruption Insurance provides protection for businesses in the event that their ability to earn income is interrupted following an insured property damage event. Examples of property damage events or risks (also called perils) can include fire, storm, flood, lightning, explosion, malicious damage, escape of water from burst pipes or tanks, impact by vehicles, theft or attempted theft, subsidence, oil leak or accidental damage. Business Interruption Insurance kicks in from the time that the property is damaged and the businesses ability to trade is inhibited. The cover is intended to help the insured business “pay the bills”, prevent insolvency and be ready to restart the business when the property damage has been repaired. Business Interruption Insurance can also assist an insured business with the additional costs of trading from an alternative location or outsourcing to keep the business going and retain customers. The cover can also include Loss of Rent. Always subject to the policy terms and conditions. Business Interruption Insurance is one of the most important covers that a business can purchase.

Public Liability Insurance
Every business has a legal obligation (duty of care) not to cause injury to any third party or damage to third party property. But regardless of how careful we might be, accidents happen. If, during the course of carrying on your business you accidentally cause injury to a third party or damage their property, Public Liability insurance will pay the compensation costs subject to the policy terms and conditions. In the event that you believe you have been wrongly accused, then Public Liability insurance will pay the costs of a legal defence as well as any compensation which may be awarded against you in a court. Always subject to the policy terms and conditions.

Employers Liability Insurance
Every business has a legal obligation (duty of care) to ensure that employees do not sustain injury during the course of their employment. This includes a duty to provide a safe place of work, safe access to the work, safe system of work and safe working environment. But even in the best managed businesses, accidents happen.

If one of your employees sustains an injury arising out of their employment with your firm, then Employers’ Liability policy will pay the compensation costs subject to the policy terms and conditions. In the event that you believe you have been wrongly accused, then Employers Liability insurance will pay the costs of a legal defence as well as any compensation which may be awarded against you in a court. Always subject to the policy terms and conditions.

Does Office Insurance cover all business activities?

Office insurance policies typically cover clerical/non-manual business activities only. If you or your employees (or subcontractors/sub-consultants) engage in manual work such as setting up or using physical equipment on site, you may need a specific policy extension.

For example, an engineer would not typically be covered under an office policy to dig test holes on site or set up testing equipment.

Does Office Insurance cover all of my business risks?

No. Office insurance provides cover for certain risks but not all risks. Your business will still need to consider other insurances such as Professional Indemnity Insurance, Products Liability Insurance (if applicable), vehicle insurance, plant or tools insurance, goods in transit insurance, Personal Accident & Travel Insurance, Directors & Officers Insurance, Employment Practices Liability Insurance, Cyber & Computer Insurance.

Examples of Office Insurance Claims

An employee tripped over a box of files in an office sustaining an injury. The office insurance policy responded to the claim under the Employers Liability section of the company office insurance policy.

A customer slipped on a coffee spillage in the reception area of an office, sustaining injury. The claim was covered under the public liability section of the office insurance policy.

An office was broken into overnight and €30k of equipment was damaged or stolen. The company successfully claimed from their office insurance for the replacement cost of the stolen goods and damage caused to the premises.

Why purchase Office Insurance?

Office insurance is a cost effective way to cover some of the most significant core risks faced by a small office based business. The most obvious risk is liability claims. Seemingly minor incidents such as an employee hurting their back whilst lifting a box of files can cost tens (or even hundreds) of thousands of euro in defence and settlement costs. In addition, an office policy can cover claims for damage to property and computer equipment as well as business interruption costs.

An office policy does not cover everything and businesses also need to think about additional covers such as professional indemnity insurance.

SPEAK TO AN EXPERT

Michelle Kavanagh
Certified Insurance Practitioner
T: 0494327083
E: michelle.kavanagh@mib.ie