Office Insurance helps to transfer everyday business operating risks to an insurance company to protect your financial interest in the business.
Many insurance companies offer a package of covers for offices that will address these risks. Most of these package policies offer a bundle of core covers that can be added to based on your individual business needs.
Public Liability Insurance
Considered to be the cornerstone of all package policies, your Public Liability cover provides protection if your business is found liable for injuries or property damage to a third party (your customers).
Business Property Insurance (Contents)
Business property includes all the property in your office not part of the walls, ceiling, or floors. The coverage is provided on an “all risks” basis, which means that your property is covered for every peril unless specifically excluded in the policy.
Business Interruption Insurance
Business interruption provides cover if your business is forced to close due to a covered peril or risk, such as fire or severe weather damage. Should you be forced to temporarily relocate while the office building is under repair, it will also pay for these additional expenses as well as any loss of income while your business is temporarily closed.
Loss of Money Insurance
Your loss of money cover financially protects your business in the event that money is lost or stolen while in transit, in bank night safes, on your business premises during normal business hours, in your safe after business hours, or under lock and key but not in a safe (a lower limit applies here). The loss of money cover also provides financial protection for losses that result from stolen or forged cheques on your business account.
Employees Compensation Insurance
This cover protects you in the event an employee is injured or becomes ill as a result of a work-related event and is required by law in Hong Kong for businesses that have at least one employee.
Professional Indemnity Insurance
Service businesses should also consider this cover which provides financial protection if you or your business is found liable for financial losses to a third party (your customers) if you make an error or are negligent in the terms of service. This cover provides for defence costs which can become significant when responding to a claim or during your defence of a claim in court. The policy also provides financial protection for settlement costs and judgments awarded by the court.
Speak to your Trusted Union insurance adviser about your office insurance risks to get the information you need to make a smart and informed decision.