Office
For Office cover Insurers will offer an “all in” or Package policy which would automatically include a wide range of covers that a typical Business would require.
The cover may include the following:
Property
Including Buildings, Fixtures & Fittings, Contents, Computers and Tenants Improvements
Two points to note:
For Theft cover to apply there must be forcible and violent entry/exit to the property – if any item simply goes missing it is likely that it won’t be covered under your policy
It is advisable to separate the cover for your Computers and ensure that Laptops are covered outside the Office.
Business Interruption
Covering your loss of Fees and also may include the additional expenditure required to get you back to a trading position you had prior to a loss
Money
Insuring your cash, cheques etc. at the office or in transit to the Bank. The policy can extend to include Personal Accident Assault which covers injury to an employee in the course of a transit.
Employers Liability
As an Employer you may be held liable for an injury to an employee. Cover for this eventuality is usually included for a limit up to € 13,000,000
Public Liability
Whether you are a sole trader or a large corporate it is difficult to see how you would not deal with members of the public. Public Liability protects you in the event of a claim from a member of the public whether it is in injury, property damage and associated financial loss.
Generally the limit covered is € 1,300,000 or € 2,600,000.
Other covers which should be considered but are not standard on an Office policy are:
- Professional Indemnity (PI)
Protecting Professionals in the event that their client suffers financial loss as a result of alleged neglect, omission or error on the part of the Professional.
- Employment Practice Liability (EPL)
Covering issues like sexual harassment, bullying, discrimination or other similar employment related issues.
- Directors & Officers (D&O)
Covering your firm's Directors and Officers for costs resulting from lawsuits arising out of poor management decisions, employee dismissals, shareholder grievances, and other such acts committed in good faith.
- Legal Expenses
Covers legal expenses in defending an action brought by a customer or employee