No, most offices are not dangerous work-places. However, the workers compensation insurance is not the only reason for the office insurance. A lot of businesses either operate from small offices or homes. Those, who use an external office are generally well informed about the office insurance. However, people running business-from-home incorrectly believe that the homeowner insurance will cover all unexpected losses. Yes, it will cover the cost of furniture and laptops but your priceless data cannot be refunded with the standard home insurance.
If you run a business from home and your stored work can be easily recovered in another location, then office insurance is not a pending necessity. However, those who run accountancy firms, artists and professionals need a solid cover to protect their business assets. There are many office insurance options. ANZ office insurance identifies:
You can choose a comprehensive office insurance or separate polices. However, the office insurance may in fact be a better value for money if you choose specific options. Why? Because, not all businesses are the same. For example, there is no need to insure business for employee dishonesty if you are a one-man-show.
As we mentioned earlier, the homeowner insurance will not cover your home business adequately. The interruption to your business, loss of important data and the theft of your business resources are not part of any standard insurance. For this reason the home office insurance has a real value for unexpected losses. This home office insurance can be purchased as:
For small businesses (such as graphic designers) the homeowners endorsement is sufficient. On the other hand, the accountancy companies need a proper business insurance.
Unfortunately, the price of the average office insurance is difficult to estimate. There are many options which will determine the total cost. A small office may require $500-$800 for the property and $700-$800 in workers compensation. Small retail and machine shops will be significantly more expensive (by 25%-35%).
There are few office insurance providers. Office Insurance Brokers and the Banks are good locations to start looking for the best deal. You can also check online agents. Unfortunately, the market is not very competitive but you will still save few-hundred dollars by searching.