Many professions and industries work in an office setting, from financial and healthcare professionals to marketing, design and far beyond. As diverse as the businesses that operate in offices are, they all have one thing in common. They need the right office insurance coverage to protect them from financial loss should their commercial property suffer damage or if a liability allegation lands them in legal hot water. Get the Ontario office insurance coverage you need by calling the experienced brokers at Morison Insurance for an office insurance quote. We'll make sure you rest easy at night, knowing you won't be forced to pay out of pocket for unexpected expenses that arise from an insured peril.
Office insurance is a type of commercial insurance policy designed to help mitigate the risk of financial loss for business owners who operate out of an office setting. Because so many different types of businesses work out of an office, it's a more generalized type of commercial business insurance. That being said, each office insurance policy is written to address the unique needs of the individual policyholder, so there's no need to worry that it won't be tailored to your specific risk exposures.
Generally speaking, Ontario office insurance offers two overarching types of insurance coverage: commercial property insurance and commercial liability insurance. Each category contains various types of coverages, such as business property insurance or commercial general liability, to protect you against unexpected expenses for the perils you and your business are most likely to encounter. That could include the cost of restoring your office space following a destructive natural disaster and replacing damaged or destroyed items, or it could mean that you're able to receive insurance compensation to deal with the costs of litigation should you or your employees be accused of causing third-party bodily injury or third-party property damage, along with a wide assortment of other situations.
Any business operating out of an office building needs financial protection from the correct type of Ontario office insurance. As we mentioned above, that encompasses an extensive range of industries and professions. Some of the many types of offices we can provide office insurance for are:
Commercial property coverage is a key part of any business insurance policy, including office insurance. Whatever type of work you do, you need a physical location to do it in—and yes, that includes your own house if you run your business from home. If that location is damaged or destroyed, the commercial property coverage on your office insurance policy gives you the financial support necessary to address the damage with restoration, repair or replacement.
Commercial property insurance is a fundamental building block of a commercial insurance package because it gives you access to the financial support necessary to get your physical business space operational again if it is destroyed or damaged by something like a fire or a natural disaster. Every business needs this type of coverage because there's simply no way to prevent every disaster or mishap that could seriously damage a commercial building—and the costs associated with building restoration following a destructive event can be financially overwhelming. You may think you'll just be careful and follow all the rules to reduce your risk, but some things are beyond your control. For example, if the building next door to your office building goes up in flames during the night, your business space could suffer anything from smoke and sprinkler damage to complete destruction, and there's nothing you can really do to prevent that from happening. In a situation like that, the commercial property portion of your office insurance package would prompt your insurance carrier to provide the funds necessary to restore your office space to a safe, habitable condition up to the coverage limits on your policy.
Contents coverage is part of a commercial property insurance policy that applies not to the building itself but to the items contained within. That includes everything inside that is not a part of the building, such as furniture, electronics and artwork. Contents are included in a standard Ontario office insurance policy. Still, it's essential to understand this type of coverage to ensure you have adequate coverage limits to get reimbursed for replacing everything you need to run your business.
This type of office insurance is optional for business owners who own their office buildings. Still, it's a good idea for those who lease their office space and have made their own improvements or renovations. It's not uncommon for a company to lease office space in a commercial building and renovate it at their own expense to make it suitable for their business purposes. That could include improvements such as new flooring, better lighting, installing an office kitchen or breakroom, custom signage and more. However, it's important to note that the building owner's commercial property insurance likely does not cover those improvements. It's the tenant's responsibility to ensure they have the appropriate tenants improvements and betterments coverage as part of their office insurance so they can get insurance reimbursement to cover the costs of restoring a damaged office to its former condition, including any renovations that were made at the business owner's expense.
Since you work in an office rather than a warehouse or manufacturing facility, you may assume your business relies on something other than significant equipment to get through the workday, but that's different. Equipment breakdown coverage applies to building equipment such as your HVAC system, and you can be fairly certain that your employees will not be able to work productively if the heat or air conditioning in your building is malfunctioning or not functioning at all. Your commercial property may partially cover the cost of replacing this type of equipment. However, to endure full coverage, you should have a combination of commercial property insurance and equipment breakdown coverage. With equipment breakdown coverage on your Ontario office insurance package, you can get financial help from your insurance company to recoup the costs of getting the equipment fully functional again.
The last thing most business owners want to consider is that they could be the victim of crimes committed by their own employees, but it does happen. Also known as employee dishonesty coverage, commercial crime insurance protects you against financial losses related to crimes committed by your employees, such as theft, embezzlement and fraud. For example, suppose an employee takes a cheque that was payable to your company and alters it so they can cash it themselves and keep the money. In that case, the commercial crime insurance coverage on your Ontario office insurance policy may cover the loss of the stolen funds, as it's doubtful you'll be able to recover the missing money from the employee who took it.
Business liability insurance is the other piece of the puzzle regarding commercial insurance coverage, such as Ontario office insurance. This type of coverage is designed to offer business owners financial assistance with litigation costs should they have legal action brought against them for various reasons.
Every business needs commercial general liability (CGL) because every business is at risk of being sued for accidentally causing third-party bodily injury or third-party property damage. For example, if a client is visiting your office and is injured when they trip over a file box that was left sitting on the floor, they could sue you for their medical expenses, lost income during their medical recovery and additional damages. Or, if your intern was bringing in a tray of coffee and accidentally dumped it all over a client's white leather designer handbag, the client could bring legal action against the company for the replacement cost of the handbag—and if you don't know much about designer bags, it's worth noting that expense could be well into the tens of thousands of dollars. In scenarios like that, your Ontario office insurance provider will give you financial assistance to deal with legal mediation, legal defence fees, settlement costs should you be found liable and other related costs up to the limits of your insurance policy.
If you work in an office—and even if you don't these days—it's safe to assume that at least some of your business is conducted online. You may be sending and receiving sensitive information such as clients' banking details and other financial information, identity documents, trade secrets and other important information that could be highly useful to cybercriminals. That makes you a target, even if you're a small business. In fact, small businesses are often far more vulnerable than large ones because large companies typically have their own in-house cyber security experts or have at least contracted an information security specialist to create a defensive system against cyber attacks. Commercial cyber insurance coverage protects you from cyber risks that could cause you to lose a lot of money, including legal coverage, should you be sued for losing control of a third party's sensitive information.
Yes, you do. Business owners who run home-based businesses often assume they don't need Ontario office insurance because they don't work in an office—but that's not true. They work in an office; it just happens to be in their home. While you likely already have homeowners insurance or tenant insurance to cover your residential property and belongings, it's essential to understand that your home insurance coverage may not apply to the equipment you use for business purposes and may not even cover damage to an area of your house that is specifically used for your business. Suppose it does provide some coverage for those areas and items. In that case, it's probably insufficient to prevent you from paying out of pocket for property damage costs like restoration and replacement. And, while your home insurance policy includes some personal liability coverage, it won't apply to the same situations and scenarios as commercial liability insurance. Speak to a Morison Insurance broker if you have further questions about your home-based business or if you would like to begin an office insurance quote.
If you're ready to get a quote for the right office insurance in Ontario to address your unique insurance needs and give you the peace of mind that comes with knowing your business success is backed with financial protection against unexpected expenses, the experienced commercial insurance brokers at Morison Insurance are here to help. Contact us today at 1-800-463-8074 to speak directly with a reliable, qualified insurance broker. We'll consult with you to learn more about your business and commercial practices to create the best office insurance quote. Then, we will seek out the right office insurance coverage to ensure you have the necessary protection against financial loss for the risks you're most likely to be affected by.
This content is written by our Morison Insurance team. It is provided for general information only. Insurance needs differ from person to person, and this article is therefore not a substitute for professional advice about your individual insurance needs which can be obtained by speaking to one of our brokers.