What Affects the Price of Office Insurance?

Choosing insurance policies to cover your company for all of the day-to-day risks you are likely to face can be tricky, as no two businesses are the same. Clover Insurance have been providing high-quality business office insurance to companies in St Albans, Hertfordshire and London for many years. Here we outline some of the key factors which influence the cost of a policy.


Liability Insurance

Your office insurance policies should include employers’ liability cover. This is usually legally compulsory, and is always a worthwhile investment as it will cover you in the event of a member of your staff suffering an illness or injury while at work. The larger the number of people you employ, then the greater the chance of this happening, and the higher the cost of cover.

Allied to this is public liability insurance, which is not always a legal requirement. However, if your office deals with the public, you should also make sure your policy includes this, as it will protect you in the event of a claim for compensation from a client or supplier. Public liability insurance will cover the cost of repairing any damage, and fees arising out of any legal action.

Location, Location, Location

If you are in an area with a high crime rate, then you can expect the price to be reflected in your premium. However, if your premises are well-lit and patrolled by private security guards, then the cost should be much lower.

Other geographical issues aren’t as simple to remedy. For instance, if your office is located close to a river, where there is a history of flood damage. As with many other types of insurance, anyone with a history of claims can expect to pay more.

The Nature of the Business

If your run an accountancy or book-keeping business, then you won’t have to pay as much for office insurance as a GP practice, where there is likely to be a lot of expensive medical instruments kept on the premises overnight. However, these days most commercial premises will have some IT equipment which could be a target for thieves.

If the items aren’t permanent fixtures or fittings, then they will be included in the contents (rather than the buildings) element of your business office insurance.

Your Expertise – and Your Profits

If you run a long-established company with a good reputation for customer service, and with well-qualified employees. then the insurance company will view you as a lower risk than a start-up with no trading history.

However, this has the potential to cut both ways. If your business makes a lot of profits, then your premiums may potentially be higher.

Business Office Insurance with Clover Insurance

The best way of ensuring your office has the correct amount of cover is to deal with an experienced broker like Clover Insurance. We will cover you against all the potential perils your office is likely to experience, ranging from one-off events such as fire, flooding or burglary, as well as business interruption insurance.

If you would like to know more about the business office insurance cover we can offer in St Albans, and throughout Hertfordshire and North London, then click here or call us on 020 8805 1121.