White-collar businesses may not face the same types of hazards as other workplaces, but there are still risks that can threaten your business. Whether you operate a small calling center, run an accounting firm, work as a notary, or oversee a medical or dental office, make sure you are fully covered against potential losses.
At Leonard Insurance, we offer coverage for many different types of offices, whether you own the space you work out of or lease it instead. We can help you comply with the insurance requirements of your lease agreement, as well as provide a customized risk assessment to minimize your vulnerability to unnecessary loss.
Office insurance may be right for you if you operate a professional office, such as a:
- Law Firm
- Travel Agency
- Real Estate office
- Veterinary office
- Homebuilder or Architecture office
- And more
Types of Commercial Office Insurance Coverage
There are certain types of commercial insurance coverage that are essential to nearly all types of offices. There are also coverages that are unique to the field or industry you work in. Our job here at Leonard Insurance is to identify which types of coverage reduce your risk vulnerability and protect you both now and in the future.
If you lease your office space, your lease agreement probably requires that you purchase and maintain general liability coverage for your business to protect the landlord against any premises liability that could occur as the result of an accidental injury or other loss at your business. Even if you own your office space, however, general liability insurance can still provide protection against expensive lawsuits due to third-party injuries or property damage losses. This coverage can help pay for your legal defense costs, as well as any damages you are responsible for if you lose your case.
If you own your office, you’ll need property insurance to protect the structure of your owned space against various perils, such as fire, explosion, theft, vandalism, wind, and other covered events. Even if you lease your space, property insurance can still help pay for damages to your fixtures, equipment, furniture, inventory, and more.
Employment Practices Liability Insurance (EPLI)
If you have employees working in your office, you may need employment practices liability insurance. EPLI protects you against accusations of inappropriate behavior, discrimination, or unlawful hiring and firing practices. It can cover your legal defense costs, as well as judgments against you if you are found negligent in your employment practices.
If someone other than a worker is injured at your office, medical payments coverage can provide limited payment for necessary medical care – usually enough to cover a health insurance deductible or the cost of visiting the emergency room for a minor injury. Medical payments coverage is no-fault coverage, meaning no fault needs to be established to provide benefits. Although this coverage does not absolve your office of any potential liability, it could help deter injured individuals from filing a lawsuit.
Loss of Income
If a covered event causes your business to temporarily shut its doors, this type of coverage can help pay your ongoing bills and other operating costs until you can resume business as usual. This could include the cost of your mortgage, payroll, advertising, and more.
Errors and Omissions (E&O)
If your office provides professional services to your clients, you may need errors and omissions insurance to help cover you against professional mistakes. For example, a client could sue your accounting firm if an error in his tax filing leads to a gross underpayment of taxes and penalties. E&O can cover your court costs, as well as settlements up to the limits of your coverage when your office is found responsible for inadequate or negligent work that leads to a loss for the client.
Money and Securities
If money is stolen or goes missing from your office, this type of coverage can help reimburse you for the loss. Money and securities coverage also generally covers your money if it is destroyed in a covered event, such as a fire, or if it goes missing while in transit by an armored vehicle.
Commercial Crime Coverage
This type of coverage helps protect your office against losses due to criminal acts, such as fraud and extortion.
Cyber Crime Insurance
White collar crime is increasingly occurring online, and businesses are often the targets. If a hacker accesses sensitive customer information in your databases, you could be held liable. Cybercrime insurance helps cover your legal costs and financial liabilities if your office is the victim of a security breach.
Employee dishonesty coverage may be a part of your broader commercial crime coverage. This type of insurance protects you when an employee steals money or property from your office.
Commercial Office Insurance Quotes
If you operate an office in the greater Mequon, Wisconsin area, we here at Leonard Insurance want to help you get the coverage you need to minimize risk vulnerability and better protect the future of your business. As an independent agency, we can provide commercial office insurance quotes from multiple Wisconsin insurers, allowing you to select the coverage and rates that fit your business best. To find out more about insurance for commercial offices or to request your free quote, contact Leonard Insurance today. We look forward to serving you soon.