Why Get Professional Office Insurance?
Whether you own an office, lease, or work from a home office, you should protect your business with the appropriate office insurance coverage.
Professional Office Insurance Claims Examples
Property Coverage
Incident: A fire breaks out at your owned office location and spreads overnight. The resulting fire and smoke damage result in $650,000 in damages to the building and equipment.
Result: The property coverage on your office insurance policy will pay to repair and rebuild the building as well as replace the equipment.
Business Interruption Coverage
Incident: A fire breaks out at your owned office location and spreads overnight. On top of the damage to physical property, it requires 12 months to repair the building and install the equipment and furniture. You will need to rent another office space while it is being repaired and it costs you an additional $50,000 for the year.
Result: Your business interruption coverage will reimburse you for the extra expenses incurred so that you can continue to run your business without a deficit.
Third-Party Bodily Injury
Incident: A client comes to your office for a meeting however has an incident and slips and falls due to a minor spill and poorly lit bathroom. The client decides to sue for injury in the amount of $50,000.
Result: Your commercial general liability coverage on your policy will defend you and pay for associated legal fees.
Professional Office Insurance, Explained
Who needs professional office insurance?
Professional office insurance is important for any business that works within an office space. Coverage is available for any office whether leased or owned. Some examples of businesses that require this could be: dental offices, doctor’s offices, law offices, accountant’s offices, consultant’s offices, digital marketing agency offices, etc.
Why do professional offices need insurance?
While it is important to do your best work while you perform any professional service, it is equally important to make sure where you do that work is appropriately protected. From fire to slip and falls, it is important to protect your business from the realities of day to day risks that can happen at any office.
What does office insurance cover?
- Property Coverage – Can be broken down into more specific coverages however in general will insure property and contents that you own. Examples can be tools, equipment, leased/rented equipment, etc.
- Business Interruption – Protects your business from financial instability by covering lost income in the event of a covered loss.
- Commercial General Liability – Protects you against third party claims of property damage or bodily injury that may occur at a job site or your own location
- Products & Completed Operations Liability – Protects you against third party claims of property damage or bodily injury that may occur after you have already completed your project or service.
- Professional Liability – Protects you against third party claims of professional negligence that may occur as a result of your professional services.
Full List of Business Insurance Types
Why Choose Pacific Insurance?
Our staff are trained Registered Insurance Brokers of Ontario (RIBO) which is the self-regulatory body for insurance brokers in Ontario.
We have been regularly featured in the media as insurance experts and asked to speak at events like the ‘CRV Radio International’.
1 on 1 Service
Speak directly with an expert instead of dealing with a faceless call centre.
40+ Years in Business
We provide the results of a large agency while giving you the agility and service level of a boutique agency
Fluent in Many Languages
Speak to our brokers in English, Cantonese, Mandarin, French, Korean, or Hebrew.
