I arranged Accountants Office Insurance today, and in doing so, came across quite a serious problem with quotes and policies they’d been given before asking me to take a look.
This isn’t just relevant to Accountants Insurance but indeed anyone who buys Office Insurance, so I thought I’d share a few pointers to look out for with yours:
1. Check the sums insured and limits
Most Office Insurance policies come as packages these days, in other words, ”you get what you’re given” unless you ask for more bespoke cover. For example, the accountants I have been working with had an Accountants Office Insurance policy that only had half of their income protected (if the premises was damaged and they suffered an interruption in earnings, profits etc).
2. Check you have the right locks!
Most Office Insurance packages will come with Minimum Security Requirements, and it’s really important you comply with these. If you can’t, speak with a Business Insurance Broker who will be better placed to negotiate with the Insurers on your behalf.
3. Check for Stock cover
Many businesses that operate from an office don’t hold stock, but some do. Not many Office Insurance policies come with an option to include damage to stock, which must be listed separately from general contents, unless it says otherwise. If you hold stock, check your Office Insurance policy to see if it is covered – it may not be.
4. Check the ‘Statement of Fact’
Nearly every Office Insurance policy will come with a Statement of Fact. This saves you having to complete a proposal form – instead the Insurance company lists a number of assumptions about you, along with the information you have provided. It is imperative that this accurately reflects your business, otherwise you may have problems when trying to make a claim.
I hope these pointers help – they are all things you can look for easily in your policy documents, but if you want complete peace of mind, contact us for a free no-obligation quotation for your Office Insurance.