Features of office insurance
Comprehensive policy: A sole insurance which covers all the office property like furniture, fittings and fixtures, land and building, electrical and electronic equipment, computers, laptops, and other mechanical items.
Additional coverage: The basic cover of fire insurance is available with office insurance. You can opt for add-ons for additional coverage for theft, damage due to earthquakes, electronic equipment coverage, etc.
Additional clauses: An office clause will have many additional clauses like an omission to ensure, rent for other premises other than mentioned in the police is not covered.
Simple documentation: The documentation for workplace insurance is simple. In case of a fire accident, a self-declaration should be given. In case of damage or theft of electronic goods, make, and model number should be intimated to the insurer.
The range of Risks covered:
The workplace insurance covers many losses, thefts, damages, from fire, lightning, natural disasters, leakages due to pipe bursting, etc.
Electronic and electrical machinery breakdown due to short circuit
Theft and burglary of laptops
Restoration value insurance
Reimbursement of cost of the asset before the damage. For a reinstatement clause, depreciation is not applied.
Consequential loss arising from loss which is covered will be repaid.
Loss of profits during the reconstruction period (FLOP) is covered.
For a claim under FLOP insurance, gross/net profit and standing expenses are considered.
FAQs
Coverages
- What aspects workplace/office property insurance covers?
The office property insurance covers all the movable and immovable assets of the office from various risks and dangers of fire, riots, lightning, equipment breakdown, flood, earthquake, etc. This kind of insurance gives add-on coverage for earthquake, theft, alternative accommodation, etc.
- What aspects are not covered under office property insurance?
This insurance does not extend coverage to natural damages, wear and tear, damage done purposefully, damage due to war, illegal activity, pollution, and contamination. All the exclusions of a fire accident, radio-active pollution is not covered.
Is third party liability covered under office insurance?
The office property liability insurance is a comprehensive package which covers many risks under the same cover. This insurance covers third-party liability also. This is a cost-efficient package which ensures all the assets of the organization.
In the office package policy, what add-ons are available?
The office package policy has many add-ons with the payment of additional premium. The coverage can be for loss due to terrorism, electrical equipment breakdown, laptop breakdown, etc. The insurance considers all the standard fire, damage, cash in transit loss, neon sign, etc.