4 Types of Insurance You Need for Your Office

All business owners are concerned about the safety of their employees and the business itself. With that being said, risks are an inherent part of owning a business, which is why insurance is crucial to the secure and safe operation of any business. Even workplaces that don’t seem like they would pose hazardous risks to employees, such as office spaces, should still invest in various types of insurance. These protect the company from potential lawsuits and ensure the fair treatment of all parties involved, businesses and workers alike.

Here, we’ll cover the 4 types of insurance that your office needs to have, so you can protect yourself as the business owner as well as the company and your employees.

Worker’s Compensation

This is the one policy every company is supposed to have.  These policies are designed to protect employees in the event of being injured at work. Workers can be injured on the job even in office spaces, where slippery floors, heavy boxes of records, unstable shelving, or computer equipment present multiple opportunities for employees to be injured.

With worker’s comp, employees who file a claim can be reimbursed for any lost wages as well as any medical expenses.  By carrying this type of insurance, company owners are protected because employees waive their right to sue their employers.

While laws vary from state to state, all businesses with employees that receive W2’s are required to carry a worker’s compensation policy.  Businesses that do not comply with this requirement face large fines and penalties.

Rental Property Insurance

This type of insurance is different than a homeowner’s or a tenant’s rental policy in that it is specifically designed to cover the property that is rented out.  Rental property insurance can be customized to fit a business’s needs so that issues like property damage to the structure, liability, loss of rent or the landlord’s contents (any furniture or appliances that come with the rental) are covered.

The liability aspect may be the most important part of this type of insurance. It protects the landlord if anyone were to be injured due to an alleged hazard on the property itself. If you are the landlord of an office space, rental property insurance ensures that your building is not only up to code but that the space itself is covered in case any disasters should occur on the premises.

Business Owner’s Policy

This is an umbrella policy that can be tailored to meet a company’s needs. Some of the specific aspects of a business that can be covered include property insurance, business interruption insurance, crime insurance and liability insurance (for product liability and injury liability).

These policies are cost-effective because they bundle multiple policies, which can be much more expensive if purchased separately. However, because of this wide-ranging coverage, these policies also tend to offer less coverage than individual policies aimed to cover specific needs. A way to get around this issue is to carry a general business owner’s policy as well as individual policies for areas that may need additional coverage.

Commercial Car Insurance

This policy covers any vehicles that a business may use as well as any passengers, products or equipment that is transported. Many offices will have a small fleet of company vehicles, whether for picking up important persons such as potential business partners or for transporting company products or purchases.

Commercial car insurance will cover the vehicles that companies use in case of collisions or damage incurred. It is also possible to have non-owned vehicle coverage so that private vehicles that employees may use while working are covered under the company policy. It is possible to get this kind of coverage with many business owner’s policies.

The best way to protect a business from various risks is to make sure that the business has comprehensive insurance. This way, no matter the setback, the company itself is protected in full. Carrying the proper insurance may seem like a hefty investment, but the security it ensures is well worth the cost.




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