By last count, there were almost two million small businesses operating in Australia. Among those enterprises are hundreds of thousands who are office-based. Operating in a multitude of industries that include consultancies, medical and health-based businesses, architects and other financial, administrative and professional services, office businesses play a large and vibrant part in the Australian economy. But despite the field these businesses operate in, they share an important commonality: the fact that because their headquarters is an office. This means that these businesses face many of the same potential risks.
Office Businesses are Vulnerable
Many small, office businesses are only one catastrophic event away from completely failing. Disasters like flood, fire or earthquake seem obvious dangers, and these natural events can and have destroyed many small businesses in Australia over the years.
But natural disasters are only one type of risk, and may not be the most dangerous, or common, at that. Vandalism, theft (including employee theft) or burglary can all seriously damage a business, if not leave it teetering on the brink of collapse. And often, even the milder scenarios of these can cause business interruptions and a corresponding loss of revenue, along with the costs involved to repair any damage.
How Does Office Insurance Protect a Business?
Office insurance consists of numerous other types of insurance, and can be customised to fit the needs of a particular business. Some of the various assets office insurance can cover, (depending on your specific circumstances), include:
- The premises or building, should the business own it
- Contents within the office and any stocked therein
- Cash owned by the business
- Internal and external glass, such as windows and signs
- Electronic equipment, such as computers
Office insurance can cover more than just property owned by the business. It can also cover costs and fees resulting from a government tax audit, which can be an expensive exercise for businesses. Public liability, which protects businesses from legal liability claims, is another key component that is incorporated into office insurance.
Not Just For Office Building Businesses?
Office Insurance covers thousands of businesses that operate in office buildings. However, small business owners who work out of a home office can also benefit from office insurance. Most home insurance policies only offer limited protection for home offices and may not provide an adequate amount should the business need to recover from a damaging incident. Home office ventures are vulnerable to the same risks as businesses that operate from external offices and require the same protection.
Of course, no two offices are the same, so it’s vital an insurance broker is consulted before taking out an office insurance policy to ensure it meets the business’ needs.
Talk to PSC Insurance today on how a tailored office insurance policy can protect your small business.
Conditions apply for each policy and the information expected from you for a policy to trigger. Coverage may differ based on specific clauses in individual policies. Please ask your broker to explain the additional benefits and exclusions pertaining to your policy.
The information provided is general advice only and does not take account of your personal circumstances or needs. Please refer to our financial services guide which contains details of our services and how we are remunerated.
