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Office Insurance

Doing business and buying your own property is something to be proud of. Though it’s important to protect the things that you are proud of. 
Getting office insurance will protect your office space from all the unforeseen events that might occur in the future. It’s like getting ready to face future problems. 
No matter what industry you are in, one thing is sure you will need commercial office space insurance. 
Want to learn more about office insurance policies? Policy Wings has got you covered. 
Read on to learn all about office insurance.

So, What is Office Insurance?

Office insurance is a type of property insurance that gives coverage for all the risks associated with unforeseen threats impacting your office space and assets. One good thing is that office insurance does not only cover your commercial property but also the money loss or fraud done by your employee. With the best office insurance policy, you will get coverage for office content, small offices,  commercial offices, etc. 

With an office insurance policy, you can protect your office/business from various damages like third-party liabilities, misuse of office data, damage to fixed assets, loss of office items, and various other financial risks.

Types of Office Insurance Policy

The office insurance policy covers the office against fire, natural calamities, and other risks like burglary. The office insurance policy is divided into three types, as mentioned below:

Comprehensive Cover
Type 1 : Office Content

Provides coverage for only the content of the office.

Agreed Value Policy
Type 2 : Office Insurance

Gives coverage for the office premises and their contents.

Floater Policy
Type 3 : Comprehnsive

It gives coverage for the office premises, the content of the office, and also the valuables (such as cash, equipment, and more)

Why Do You Need an Office Insurance Policy?

Some of the reasons to get an office insurance policy are:

  • A Variety of Risks are Covered : With the office property insurance policy, you get coverage for losses or damage caused by fire, natural catastrophes, and other perils like impactful damage or leakage due to the bursting of pipes. The breakdown of electrical equipment and short circuits are also covered, as are devices like laptops, which get coverage for theft or damage during transit.

  • Get Insurance at Reinstatement Value : The office insurance policy will reimburse the cost of restoring the asset to its usual condition as it was before the loss. The wear and tear charge is not deducted if the reimbursement clause is applied. As per the reimbursement clause, the property has to be reconstructed to become eligible for the claim.

  • Consequential Loss Cover : You can select subsequent losses arising from the covered points insured under the policy. Such as rent for alternative accommodation during the reinstatement period. There is also a Fire Loss of Profits (FLOP), where the loss during the reconstruction period is covered.

  • Reduce Business Risk : The office insurance policy can also be customized to protect your office and its contents, thereby reducing the risk of losses in the event of unforeseen events like fire, earthquake, flood, burglary, etc.

  • Peace of Mind : When you get your office insured and protected, you don’t have to worry about any kind of danger related to the property because your insurance provider will have your back.

How does Office Insurance work?

Getting office insurance is not at all a difficult task. Let’s understand how insurance functions and how you can get more out of it.

  • To start with, the policy seeker fills out the form, mentioning all the details related to the property and why the insurance is required.

  • The insurance provider sends a surveyor to the office to verify the office’s condition.

  • If your property gets a green tick on all boxes, the insurance-providing company will offer you the policy.

  • As an insurer, you will get a free look period within which your policy can be changed or canceled.

  • The insurer will have to pay the premium amount within the time mentioned.

  • All the required documents are then submitted to the insurance-providing company.

  • The surveyor from the insurance company will verify all the claims.

  • If the claim falls under the insurance coverage peril, the compensation amount is paid to the insurer.

What Will an Office Insurance Policy Cover?

An office insurance policy gives coverage for the following:

  • Fire : The office insurance policy covers all the damages caused to the insured office space due to fire, whether it’s because of natural heating, spontaneous combustion, or forest fire.

  • Explosion/Implosion : Any damage caused to your office due to implosion or collision with any external physical object is covered.

  • Natural Calamities : The policy also gives coverage for the physical loss caused by a storm, earthquake, cyclone, or any other natural calamity.

  • Terrorism : Any damage caused to the office premises due to riots, strikes, or acts of terrorism is covered under the policy.

  • Theft :  Theft/burglary reported within 7 days from the insured office after the occurrence of any of the above-mentioned points is covered.

  • Other Coverages :  Damage to the office because of the bursting of water tanks/pipes or due to leakage is also covered.

What Is Not Covered Under Office Insurance?

Below are the points that are usually not covered in the office insurance policy:

  • Any deliberate, willful, or intentional act by anyone is not covered

  • Any consequential losses aren’t covered

  • Mysterious disappearances and unexplained losses will not be covered.

  • Additional valuables like curios, works of art, or unset precious stones will not be covered.

  • Machinery breakdowns that aren’t the result of a natural calamity, fire, explosion, or implosion, will not be covered.

  • Losses caused by war or nuclear disaster will not be covered

How to File an Office Insurance Claim?

We have talked about how insurance functions, now let’s understand how to claim office insurance.
Insurance companies always ensure that the claim process goes butter smooth. However, to claim your office insurance, follow the below-mentioned steps:

  • First, inform the insurance company about your loss.

  • You will be given a claim number

  • Fill out the duly filed claim form and submit the required documents to the insurance provider.

  • A surveyor will be appointed who will survey the site and verify the loss.

  • The surveyor will submit the loss details, and the insurance company will judge the claim as per the insurance policy.

  • If the claim is covered by the policy, the compensation is paid to the insurer.

Documents required to file the claim

The documents required to claim insurance vary with different insurance companies. However, some of the common documents needed to claim property insurance are:

  • Duly filled and signed claim form

  • The building plan

  • The FIR copy/ report, or any other document showcasing the reason of loss or damage. 

  • Bills and receipts

  • KYC documents

  • Damage certificate for equipment

  • Canceled check

To Sum Up!

Buying office insurance online can have various benefits. It will save you precious time that you can use to expand your business. With online office insurance, claims can be made easily and settled smoothly. 
You will find many office insurance policies, even with traditional companies, but deciding on the right office insurance can be quite confusing. 
This is where Policy Wings comes in!
With Policy Wings, you will be choosing the best office insurance policy to protect your office and, thus, your business.

Frequently Asked Questions

No, as per Indian law, office insurance is not mandatory yet. But it is highly recommended to avoid the potential losses. With office insurance, your office and its assets/content will always remain protected and covered in unforeseen circumstances.

The office premises, its staff, and its customers are all covered under the office insurance.

The indemnity period is the time period within which the insurer can claim office insurance costs

The Reinstatement Value Clause (RVC) defines the terms and conditions of payment of reinstatement claims that come under property insurance policies. It defines the reinstatement value that will be payable after the loss.

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