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Some Common and Important Questions About Office Insurance

Getting office insurance is very important when you own a business of any sort, even a small business that involves just you and a partner. Insurance can protect you from losing your assets to litigation and from facing fines and fees from the government if you don't have legally required insurance for workers or your property. Note some common and very important questions about office or business insurance and then discuss these with an insurance agent so you know you are properly protected.

1. Are contractors covered under standard office insurance?

You always want to ensure that any contractors you hire will have proper insurance but even then, it's good to keep yourself covered against potential errors they may make in their work. If you hire certain subcontractors regularly, you may be able to write them in as permanent additions to your insurance but for contractors you hire on a one-off basis, be sure they're named as additional insured. Your insurance agent can advise you on how much added insurance you may need depending on the scope of work they will do, but don't assume that your insurance policy will protect their work unless they are specifically mentioned in the policy.

2. Does business insurance cover embezzlement?

If an employee were to steal from you, it's not good to assume that you can simply make a claim from your insurance company. Insurance usually covers accidental loss such as from a car accident with a company vehicle, or lawsuits filed by someone who is injured on your property. An insurance policy that includes commercial crime and theft usually needs to be added to your own policy so that you're covered in case of embezzlement or theft, but otherwise, don't assume that you can make such a claim if you catch an employee stealing.

3. If something interrupts my business, can insurance pay you?

You may be eligible for a policy that covers business interruption or loss of business, and the reasons it will cover you will vary. For example, if there is a breakdown of your manufacturing equipment that stops your production line for several days, you may be able to get a type of policy that would then reimburse you for that loss. However, you may not be covered if sales simply lag. Don't assume that this too is part of your general policy but discuss any such risks with your insurance agent and see what he or she can recommend to ensure you're completely protected.