From fire and flooding to theft and vandalism, unforeseen incidents can easily cause thousands of pounds worth of damage. That's where having office insurance in place can help - safeguarding your equipment, property and income so you can keep projects on track and your clients happy.
As well as protecting you against the costs associated with office damage, office insurance can also cover your business equipment, such as laptops and smartphones, against accidental damage or theft and cover loss of income if you're unable to work from your usual premises.
What does office insurance cover for contractors?
Office insurance helps to protect your contracting business against a range of unexpected events that could affect your workplace. This could include:
- Property damage insurance - Protects your office building, office contents and computer equipment against damage caused by fire, flood, theft and vandalism.
- Portable equipment insurance – Covers damage, theft or loss of the business equipment you use during your business activities – e.g. your laptop and mobile phone.
- Business interruption insurance – Provides compensation if the damage to your office or equipment interrupts your business.
Office insurance can cover the cost of repairing or replacing damage to your office and business equipment. It can also cover loss of income, or increased costs of working, if you are unable to work from your usual business premises due to an unexpected incident.
How can contractors benefit from office insurance?
As a contractor, having office insurance can give you peace of mind that your workspace, equipment and business is protected. Even if you work in a small office or home office, incidents like a fire, flood or theft could leave you facing costly repairs and needing to replace expensive equipment including computers, servers and other specialist equipment.
Aside from the financial burden this can put on your business, the time it takes to get your office and equipment up and running again can lead to project delays, missed deadlines and lost income. It could even cause reputational damage with your clients.
Office insurance can be tailored to cover your unique risks, ensuring your business is protected against the practical and financial impact of an unexpected event.
Do all contractors need office insurance?
Not all contractors will need office insurance, however it's likely essential if you:
- run your contracting business from an office space you rent or own
- store valuable business equipment in your own workspace
If you work entirely at your client's office and do not have an office of your own, you may not need office insurance. You may however, still want to consider taking out portable equipment insurance to insure your laptop, phone and other portable work equipment.
Even if you work from home, you may wish to be covered by office insurance to protect your home office contents, for example, your computer and printer.
Contractor office insurance claim examples
To demonstrate how office insurance can protect contractors, here are some office insurance claim examples.
Equipment theft
An IT contractor had their laptops and specialist software stolen in an office break-in, but office insurance covered the replacement, allowing quick recovery and minimal disruption.
Accidental damage
A contractor experienced damage to a desktop computer and an external hard drive containing client work due to a coffee spill. The business equipment cover in their office insurance policy provided compensation for repair and data recovery expenses.
Fire damage
A software developer had their home office damaged due to a fire at home. Their insurance covered the cost of replacing their office furniture and work equipment along with business interruption insurance covering temporary workspace costs while repairs were made.
Water damage
An IT software consultant experienced a burst pipe in their rented office, resulting in damage to their desk and work equipment, such as their computer and printer. Office insurance provided cover for the repair and replacement of their equipment, allowing continued progress on client projects.
What is the cost of office insurance for contractors?
The cost of office insurance will vary from insurer to insurer, but is generally determined by a range of factors which include:
- The selected level of cover
- The value of the office contents you are insuring
- The level of insurance cover you buy
- Your income or business size
- Your claims history
- Your location – for example, if you live in an area with a high flood risk.
Through our preferred insurance partner Markel Direct, you can enjoy a 10% discount on office insurance with the code CUK10.
How much office insurance do I need?
The amount of office insurance cover needed typically depends on the value of your equipment and assets, the cost of repairing your building and the potential financial impact of a day of lost productivity.
What is the difference between office insurance and public liability insurance?
Office insurance protects your business equipment and workspace from damage or theft – safeguarding the business assets you rely on to do your job. By contrast, public liability insurance protects your business against third-party claims.
Public liability insurance can protect you against the cost of damage to third-party property or injury claims caused by your business activities. An example of this would be if you knocked a coffee over a client's laptop, which led to the laptop being unusable.
What additional insurance should contractors consider?
As well as office insurance, other types of contractor insurance could help to protect your business. These include: