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There are many different insurers offering products to protect your office. Normally, this involves several different covers wrapped up in the one package policy. Not only is this more convenient for insurers, but it is more convenient for the policyholder, and that’s just the start of the benefits. Due to the spread of risks, insurers can offer a standardised product at a more competitive price than otherwise, potentially attracting more business to them, but this also results in cheaper rates, and wider cover, for the buyer too.

But won’t all the packages on offer be different? No, there are always the same basic standardised covers.

Stock and Contents – Public and Employer’s Liability cover – Business Interruption

As mentioned, this is a bare minimum, almost all office insurance companies offer quite a bit more than this as part of their package, and this is where some variation comes in.

As you may have guessed before now, insurers all have their own slightly differing ways of assessing a risk so they will offer different levels of cover and different options will be available depending on what risks they understand best, and what markets they want to be a part of. This means one insurer’s package may suit a particular business a little better than someone else’s, or it may be cheaper as an insurer may have more experience of a certain market or trade.

Additional covers usually take the form of the following:

Buildings Cover – Tenants Improvements – Legal Expenses – Electronic Equipment

That’s the basics, but there are also other things to consider, such as how flexible is a policy? If your business is new, chances are it will grow (hopefully) quite rapidly. In such a case as this, are there any extra fees to pay, and how much are they, if you decided to change your policy by upping the level of cover mid way through the year?

These are all things worth thinking about as the initial purchase may not be the only cost to consider. A policy that looks more expensive to purchase, may actually end up being a cheaper option over the year.

A further example could be where the business undertakes a different activity that the current insurer may not provide cover for at all. When changing the insurer, will the first insurer refund any premium?

The particular profession that the office deals in will dictate who the best insurer is. Many office insurers are not keen to provide cover for working away from the office, but there are many trades where this may be part of the job. If the work involved is purely clerical – client meetings, conferences and so on, then some insurers will still provide cover, and a few of those, free of charge even.

Considering an office insurance package will run for twelve months, it’s best to look at how your business is likely to change over that time period, and shop for a policy to suit that, rather than just looking for what would do for the current time.

Matt Withers is Marketing Manager for Coversure Insurance Services. For an office insurance quote or more information about any other kind of business insurance visit our site.