Why Commercial Office Insurance Is Essential for Your Accounting Firm

Commercial office insurance is vital to safeguard your premises, equipment and data. Do you have business office insurance in place?

What Is Commercial Office Insurance?

Commercial office insurance is an insurance policy designed to cover office-based businesses in the case of damage, theft or liability. For accounting firms, bookkeepers and financial professionals working in an office environment, commercial office insurance is a vital form of protection that shouldn’t be ignored.

Why Do Accounting Firms Need Office Insurance?

There are three key reasons why accounting firms should ensure that they have business office insurance in place:

Protects Your Business Assets and Equipment

As an accountant or bookkeeper, you’ll rely on expensive computers, servers and software to handle both your day-to-day work and your client data. But what would you do if these computers, servers or software were to be damaged or destroyed? Business office contents insurance covers you against theft, fire damage and accidental damage to essential equipment, saving you money and helping you get back on track more quickly should the worst happen.

Safeguards Against Business Disruptions

Would your business be able to survive if a natural disaster, break-in or flood forced you to cease trading temporarily? Events such as these can cause businesses of all kinds to stop operating for significant periods. Business interruption insurance helps to cover lost income during such downtime.

Covers Legal Liabilities and Employee Protection

Commercial office insurance includes public liability insurance and employer’s liability insurance to protect your business further. Public liability insurance covers you in the event of a claim should a client, supplier or visitor have an accident in your office, while employer’s liability insurance is a legal requirement if you have employees, protecting you against claims for workplace injuries.

What Does Business Office Insurance Cover?

Office protect insurance can cover you in three defined areas:

Office Premises Protection

Office premises protection covers you against fire, flood and property damage to office space. This is the case whether your office premises are owned or rented.

Business Equipment & Contents Insurance

Should your desktops, laptops, printers or office furniture become lost, stolen or damaged, they could be costly to replace. Business equipment and contents insurance means you don’t have to bear this cost alone.

Cyber and Data Protection

As an accountant or bookkeeper, you’ll be well-versed in the challenges of handling confidential financial data. The very nature of the work you do makes you a target for cybercrime, so it’s vital to stay vigilant. Some policies include cyber liability coverage that protect you against data breaches and fraud.

Here at ICPA we offer our members various office insurance cover options – in addition to our professional indemnity insurance cover and more.

What to Consider When Choosing an Office Insurance Policy

Your business is unique, and your commercial office insurance needs are, too. When choosing a business office insurance policy, you should consider your office size and location: the number of employees, amount of equipment, location and whether it is rented or owned will affect your coverage needs.

Before buying a policy, you should conduct an accurate risk assessment. This will help you to understand whether you require more tailored protection for elements like high-value IT equipment and substantial client records. Finally, consider whether you require additional coverage that some policies do not include as standard. This may include business interruption cover, public liability insurance and cyber protection options.

How to Get the Right Business Office Insurance for Your Firm

Choosing the right commercial office insurance policy can be achieved by following three simple steps.

1. Step one is to assess your risks. Identify which office assets and liabilities need coverage, and establish what level of cover is most appropriate for each.
2. Step two is to compare policies. Choose a provider that offers comprehensive coverage tailored specifically to the needs of accounting firms, including every cover element you need at a price you are happy with.
3. Step three is to ensure that you stay compliant. Check that the policy you have chosen meets all necessary legal requirements – as well as accounting industry standards. Some professional accountancy bodies require a certain level of cover for your membership to be valid.

Protect Your Accounting Firm with the Right Office Insurance

Are you happy with your current level of commercial office insurance coverage? Are you confident that your business and its assets will be protected should the worst happen? Could a more comprehensive office insurance policy better suit your needs? Circumstances change, which is why it is recommended that accountants and bookkeepers regularly review their business office insurance to ensure that they are fully protected at all times.

At ICPA, we work with A-rated insurer AXA to provide comprehensive commercial office insurance policies to our members to protect them against unexpected financial losses. Explore our office cover options, or contact us if we can help you find the right policy for your needs.