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Business Office Insurance: Everything You Need to Know

February 14, 2024 | Insurance 101

This article was originally published July 19, 2022

There are many risks in business offices. A visitor slips on a wet floor and injures their back. An old microwave oven shorts out and causes a fire that damages a breakroom. An employee backs a company car into another vehicle in a parking lot. Any of these incidents, and many others, can result in you being found liable for monetary damages.

Will the sum have to come out of your pocket? Not if you have the right business office insurance. And “right” means the necessary types of insurance, the right limits on your policies, etc. Consequently, you need to work with the “right” office insurance company, whether you are a renter or own an office building. That means you should get coverage from an insurer with extensive insurance industry experience, ample resources to pay claims, and great customer service.

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Do You Need Office Insurance?

The term “office insurance” is intentionally broad and meant to include many types of business office risks and the policies that address them. Consequently, anyone who uses or owns office space needs office insurance. So, the question really should be, “What types of office insurance do I need and with what limits?”

You can get those questions answered quickly and conveniently by getting instant quotes online from biBERK. But we’re also happy to answer any questions you have. Contact us and we can talk with you more about what types of insurance you need to be fully protected.

Insurance for Offices: 6 Policies You Might Need

At biBERK, we offer these six types of insurance for offices:

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    Business owners policy (BOP). Also called a property & liability policy, a BOP combines general liability insurance with company property coverage. It can protect the building you own or space you lease, and other property you own, lease, or have in your care, custody, or control. It also covers business interruption and lost income that results from property damage, as well as costs you incur to resume business operations after suffering property damage, such as the use of a temporary location. For example, heavy snow collapses part of the roof at your office. Your policy may cover that cost. 
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    Errors and omissions (E&O) insurance. Also known as professional liability insurance, this policy can cover the cost of damages and legal fees if someone claims your professional service caused financial harm to them or their business. Coverage includes mistakes on the part of your business (errors) and the failure to perform a service (omissions). If you’re an accounting firm, for instance, and you make a mistake on a tax return that causes your client to incur a financial loss, this insurance may protect you.
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    Workers’ compensation insurance. This coverage is typically required by law for any business that has employees. It provides benefits if your employees are injured, get sick, or die as a result of an incident on the job. It can help pay for medical costs, legal fees, and lost wages, and can also provide a death benefit to the employee’s family. That means if an employee falls from a ladder and suffers a concussion, the cost of their care and time away from work can be paid by your workers’ comp policy.
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    Commercial auto insurance. This type of policy is for vehicles owned or leased by your company. It covers liability resulting from accidents caused by people driving those vehicles. For example, if your employee accidentally runs a stop sign in a company pickup and collides with another vehicle, your commercial auto policy can protect you. A policy can provide payment for an incident even if the vehicle is used for personal activities outside of its primary business use.
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    Cyber insurance. You can purchase this type of insurance as an add-on to a BOP. It helps cover costs related to incidents where a security breach or system hack has resulted in sensitive information being illegally obtained and fraud has occurred or there is a reasonable expectation that it might occur. Most companies have sensitive information of some kind in their possession. If a hacker gets access to that information, your cyber insurance can protect you, including paying for things like customer notification and credit monitoring.
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    Umbrella insurance. This type of insurance, sometimes called commercial umbrella insurance, can cover costs that exceed the limit of another biBERK liability policy, up to its own limit. It keeps you from having to pay the amount that your liability policy won’t cover.

What Does Office Insurance Cost?

The various policies that are considered office insurance provide very cost-effective protection. That’s especially true when you get them from biBERK. We sell directly to you, with no middlemen or insurance brokers involved. That means we can provide coverage at up to 20% less than many other insurance companies.

Your cost for business office insurance will depend on factors like the size of your business, your claims history, and others. But you can get instant office insurance quotes online whenever it’s convenient for you. You can also purchase policies, manage them, and report claims on the biBERK insurance website. And, of course, if you have questions, our licensed insurance experts are happy to assist you.

Insurance for Your Office Space and More: Loss Control and Risk Management

At biBERK, we’re here to pay the costs associated with valid claims. But it’s much better for everyone involved if claims never occur. That’s why we provide an array of valuable loss control and risk management resources on our website. From tips to flyers to videos, the resources keep everyone focused on working safely and effectively.

Common Office Insurance Claims

And the list goes on. But if you’re properly protected, you can focus on managing your office space confident that an incident won’t create a serious financial burden for your company.

  • An employee in a company car hits a pedestrian, injuring them
  • An employee suffers a back injury when lifting a heavy box
  • A hacker gains access to your computer network and steals tenant credit card data

And the list goes on. But if you’re properly protected, you can focus on managing your office space confident that an incident won’t create a serious financial burden for your company.