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Office Insurance

Canada is home to thousands of small businesses, which make up more than 97% of the total companies in the country. Getting an office space is the first thing you strive for when starting your company. It’s a matter of great pride and accomplishment for small businesses.

However, it is also essential to protect your business and office from unforeseen events. As a business owner, you are not only responsible for offering the best services or products, but there are other responsibilities as well, including maintaining your office space.

An office insurance policy helps you efficiently manage all the risks within your office space. It protects your company from any unpredicted events that might hinder the functioning of your business.

It doesn’t matter if you own an office, lease one within a building, or operate your company from a home office. Comparewise can help you find the right insurance provider for your business. Our platform provides you with all the information you need for a select group of insurance providers, making it easier for you to compare insurance quotes.

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What Is Office Insurance?

It is essential to protect your businesses from the realities of the day-to-day risks that can occur in any office space. From an accidental fire due to an overheated microwave to a client slip-and-fall, anything can hinder the normal operations of a company, especially a small business.

Office insurance is a combination of different commercial insurance policies that protects you against all the risks of running a business. This insurance policy is designed to compensate for any damages caused to your company’s workplace due to an unpredictable event. Irrespective of whether you have a separate office space or a home office. It provides financial aid for damages caused to your premises or office appliances from disasters like explosion, fire, earthquake, tornado, burglary, or housebreaking.

The office insurance also covers machinery breakdown costs and personal accident protection for your employees. 

With Comparewise, you can find the best office insurance policy for your workspaces by analyzing multiple providers on the platform. With the ‘Get Started’ option on the homepage, you can fill out a short online form. Our platform will match you with the best policies available in the market.

Why Do You Need to Buy an Office Insurance Policy?

It is almost impossible to protect our office space from natural disasters or predict a theft or a burglary that will leave our company unfunctional. Without office insurance, you will have to pay for all the damages out of your pocket. Whether you are running your company from the comfort of your home or have offices in multiple locations, you need an office insurance policy to safeguard your workspace.

Protects Your Building and Other Office Assets

In an unexpected tragedy like a fire or earthquake, your physical office space and other assets are destroyed. These may include computers or machinery. With an office insurance plan, you can cover the damages done to your infrastructure, including damage to flooring or windows. Additionally, the insurance providers also compensate for any damage done to the machinery.

Protects Your Employees

The Office insurance covers both the physical liabilities and the people of your company. Every business needs talented employees to push it towards growth and success. An office insurance plan covers all the legal liabilities related to your employees. It also covers any loss or damage done to your business due to the dishonesty of your workforce.

Additionally, office insurance compensates for any baggage loss while travelling for business purposes. Personal accident coverage is also a part of this policy. It protects and pays for your employees in case of death or bodily injury during their employment.

Protection against Outstanding Payments

In case of a disaster, your company might have to shut down for a few days, resulting in business losses. The office insurance helps you out in situations when your company cannot make ends meet. It covers financial liabilities like employees’ salaries and rent of your office space.

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What Is Included in an Office Insurance Policy?

Office insurance combines a few policies that help you keep your workspace and workforce secure. Based on your industry and the size of your company, you might need to add a few other policies to your office insurance. Here are the basic policies that most office insurances offer to business owners, regardless of their company size.

Commercial Property Insurance

Property insurance is one of the essential insurance plans you need, whether you have a home office, a place on a lease, or have bought your own office space. It protects your workspace from unpredictable natural or man-made catastrophes like fire or earthquake.

Additionally, most insurance companies also offer business interruption coverage—this aids in any financial loss that occurred while your property was shut down due to a disaster. The coverage also includes other expenses, including rent and electricity bills.

For instance, your office caught fire due to a short circuit in some electric cables and your computers, flooring, and most of the desks and chairs get destroyed. Commercial property insurance will reimburse you for all the damages. Since your entire office was wrecked, you had to close up your business to get the repair work done. The insurance will also cover the costs of running your business when it was closed due to damages.

Professional Liability Insurance

Professional liability insurance is reasonably necessary if you are a professional and have a business that offers advice to clients for a fee. There is a chance that you might have missed a few points or have given unknowingly bad advice to one of your clients, causing them some losses. Your clients can file a lawsuit against you in such situations, claiming that your services were inadequate or misrepresented.

In such cases, professional liability insurance covers all the legal costs, including lawyer charges, documentation fees, and any penalty levied by the court of law.

For instance, if you have a marketing agency and have created an ad campaign for one of your clients. After delivery, your client alleges that you have not represented the product properly and can’t use it for their campaign. The client can sue your agency for failing to deliver adequate services. In a situation like this, professional liability insurance will cover the cost of all legal fees and any other additional expenses.

Commercial General Liability Insurance

General liability insurance protects all small and large businesses from the general liabilities and expenses they will face while running their day-to-day business. The insurance covers you against any third-party bodily injury or property damage you are alleged to have caused.

For instance, a customer may trip on your store’s entrance due to a poorly placed doormat and break their arm. Your general liability insurance will pay for her medical fees. On the other hand, if you went to a client’s office and dropped coffee on their brand new carpet by mistake. Your insurance policy will also cover this expense and any lawsuit that may arise due to this incident.

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Features of Office Insurance

Even though office insurance is not compulsory In Canada, it is worth your money. Office insurance allows you to get financial coverage in an unforeseen event and ensure that your business does not face significant losses.

  1. Insurance gives you financial aid against the lawsuits filed by unsatisfied customers.
  2. Perhaps your business is not making any profit. In that case, policies compensate for your overheads like rent, electricity bills, water bills, or workers’ salaries.
  3. Insurance compensates for damages caused to any device in your office, including printers, desktops, laptops, fax machines, and other manufacturing machinery.
  4. These policies also protect and secure your employees against any injury they may suffer during their employment period.
  5. Insurance covers loss of money, including cheques, bank drafts, money orders, or currency notes belonging to the business.
  6. Policies cover the loss incurred by businesses while their money is in transit between specified locations or business premises.
  7. The insurance policy also offers financial protection against burglary and housebreaking regarding office assets or equipment.
  8. Policies cover any loss or damage done to your luggage while travelling for business purposes.
  9. The insurance also covers fidelity charges, which usually arrive due to the employee’s dishonesty.
  10. The policy is helpful for businesses who are involved in the goods transport business, including both import and export.

What Office Insurance Does Not Cover?

Office insurance policy is pretty comprehensive and offers their clients a wide range of services and protection. However, there are a few services that most insurance providers do not provide.

Housebreaking or Burglary

The insurance policy will not cover any housebreaking or burglary damages in case of any involvement from family members and instead of the employees.

Immediate Danger

While the policy does cover natural disasters, it does not cover businesses against the damage caused due to war conditions, ionization, or nuclear radiation.

Portable Equipment

Office insurance policy does not cover any loss, damage, or destruction done to a piece of equipment during its cleaning and repairing session.

Personal Accident

Accidents are inevitable while you are carrying out your routine life. The insurance covers accidents caused during employment. But it will not cover any injury caused due to suicidal attempts, self-inflicted injuries, or accidents resulting due to consumption of alcohol.

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Things to Consider Before Buying Office Insurance

There are tons of office insurance options available in the market for both small and large businesses. It might get a little overwhelming at times, and you can get confused about what you should buy. The right insurance plan can help your business grow and become successful.

To choose the right Office insurance, you need to understand your coverage requirements and find a plan that fits your budget.

Compare Different Plans

Buying insurance for your business is a big deal, and you should not settle for the first one that catches your eye. You should do in-depth research about different insurance available in the market and find the one with maximum coverage and least monthly premium. Before buying the plan, you also need to confirm the company’s legitimacy.

Compareiwise has verified sellers on the platform, making it easier for you to compare multiple insurance plans and find the one that fits your budget.

Consider Bundling Several Policies with a Single Insurance Provider

When keeping your business secure from external liabilities, you will have to subscribe to multiple insurance policies like professional or product liability or vehicle insurance. Finding a single insurance provider with various products would help you get an affordable deal through multi-policy discounts or loyalty programs.

Ask What the Policy Does Not Cover

Before the insurance provider can overwhelm you with all the policy’s advantages, you need to be clear about what it will not cover. Most business owners get in trouble later because they neglect this fundamental detail. Once you have made a list of your needs or requirements, you can check them against what the insurance does not cover and weigh its pros and cons.

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How to Buy Insurance in Canada?

Researching which policy fits your business perfectly can either be a rewarding or tiring process. Searching through hundreds of Google suggestions will leave you more confused than ever. Instead, you should use a platform that contains a list of all insurance providers near you, which you can filter and categorize based on your requirements.

Comparewise helps you get a great deal online by matching you with one of the best insurance providers in the market. You no longer have to wait in the queue or carry out stressful in-person meetings to decide your insurance plan. All you need to do is fill up a “Get Started” form on our homepage and mention all your requirements. Our smart algorithm will match you with the top-in-class insurance providers, which will fit perfectly for your business type.

Comparewise is available everywhere in Canada, saving you all the time it would take to plan and set multiple face-to-face meetings with insurance providers.

Other types of insurance

Business Insurance in AlbertaBusiness Insurance in ManitobaBusiness Insurance in British ColumbiaBusiness Insurance in New Brunswick
Business Insurance in Nova ScotiaBusiness Insurance in Newfoundland and LabradorBusiness Insurance in OntarioBusiness Insurance in Prince Edward Island
Business Insurance in QuebecBusiness Insurance in Saskatchewan

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Advertiser disclosure

Offers shown here are from third-party advertisers. We are not an agent, representative, or broker of any advertiser, and we don’t endorse or recommend any particular offer. Information is provided by the advertiser and is shown without any representation or warranty from us as to its accuracy or applicability. Each offer is subject to the advertiser’s review, approval, and terms. We receive compensation from companies whose offers are shown here, and that may impact how and where offers appear (and in what order). We don’t include all products or offers out there, but we hope what you see will give you some great options.

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November 25, 2022
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FAQs about
Office Insurance

What is office insurance?

Office insurance is a combination of different commercial insurance policies that protects you against all the risks of running a business. This insurance policy is designed to compensate for any damages caused to your company’s workplace due to an unpredictable event. Irrespective of whether you have a separate office space or a home office. It provides financial aid for damages caused to your premises or office appliances from disasters like explosion, fire, earthquake, tornado, burglary, or housebreaking.

Why do I need office insurance?

It is almost impossible to protect our office space from natural disasters or predict a theft or a burglary that will leave our company unfunctional. Without office insurance, you will have to pay for all the damages out of your pocket. Whether you are running your company from the comfort of your home or have offices in multiple locations, you need an office insurance policy to safeguard your workspace.

Who is office insurance for?

Office insurance is for any business that has a physical work location.

What is included in office insurance?

Office insurance combines a few policies that help you keep your workspace and workforce secure:

  • Commercial Property Insurance
  • Professional Liability Insurance
  • Commercial General Liability Insurance

Office Insurance
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No obligation, Free to apply

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