An entrepreneur puts in a lot of time and effort to build his business. Everything related to the business, whether be it the furniture or the equipment, each of these is an asset to the company.
The cost of repair and replacement on account of damage or loss of any these will have to be incurred by the company. This will result in additional costs to the company. In order to ensure that a loss or damage does not affect your finances, consider buying office insurance.
What is Office Insurance Policy ?
The office Insurance policy covers you and your business from threats like fire, malicious damage, riots and several other instances. Such an insurance should be bought by every office be it an ITES/BPO, Government Office or even a commercial office.
Risks Covered under Office Insurance Policy!
The extensive list of the coverage under office insurance policy would vary from one insurer to other. So, here are the general covers that are offered by most insurers:
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Pays for damages as a result of disasters
The office insurance policy covers the cost of damages caused due to fire, flood, earthquake, lightning, explosion, riot, strike, storm cyclone etc. It also covers the cost of damage in case of burglary in the office.
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Covers Electrical and Mechanical breakdown of equipment
The equipment in the office premises are also covered under this policy. A sudden breakdown or loss of equipment due to burglary is covered under the policy. Portable equipment like laptops is also covered under the policy. However, it should be noted that the insurance company is not liable to pay for the natural wear and tear of equipment. One should read the policy terms and conditions thoroughly to understand the covers.
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Personal accidental coverages for employees and owner
This insurance covers the insurer under the Workmen’s Compensation Act 1923. It covers the death and disability of the employee caused in course of employment.
How to buy Office Insurance Policy?
One can buy office insurance online or offline. Buying office insurance online would be a better deal because of the following reasons:
- Buying office insurance online from the company gives one the freedom to buy or renew the insurance at any point of the day. One need not wait for the agent to show up and then complete the purchase.
- Another major advantage of buying office insurance online from the company is the lower cost of the premium. This is because the commission of the agent is redundant and so the company is able to render you insurance policy at a lower cost.
- One can go cashless while paying the premium. One can use either credit card, debit card or pay via net banking. When buying insurance from an agent, the customer needs to pay in cash or via cheque only.
- Also, when buying insurance online, one can go through the policy coverages and exclusions at ease.
- Online transactions are more transparent and free of errors as compared to offline transactions. Correcting an error is easier as the data is available online. One can request for a change of detail by simply dropping a mail.