Office Insurance

What is Office Insurance?

Office Insurance offers extensive protection for office spaces and their contents against various risks. It generally includes coverage for losses due to fire, theft, natural disasters, and other potential liabilities encountered during regular business activities. Additionally, the policy safeguards employees and addresses legal liabilities, ensuring the office remains operational despite unforeseen challenges.

Key Features of Office Insurance Policy

Key Features of the Office Package Policy:

• Comprehensive Property Protection: Safeguards your office property against damages caused by covered perils.
• Third-Party Liability Coverage: Offers protection against legal liabilities arising from third-party claims.
• Personal Accident Coverage: Ensures financial support in case of personal injuries.
• Customisable Coverage: Tailored to shield your business from financial risks such as fire, theft, burglary, and machinery breakdown.

Types of Office Insurance Policies

Office insurance policies are generally classified into three categories:

1. Coverage for the office's contents only.
2. Coverage for both the office premises and its contents.
3. Comprehensive coverage that includes the office premises, contents and valuable items like cash and equipment.

What is Covered Under Office Insurance Policy?

The common inclusions that most of the Office Insurance Plans provide are as follows:

• Office Package Policy protects the office premises in perils like fire, earthquake etc. Some insurers also provide coverage for risks related to terrorism. Moreover, coverage is extended for mechanical and electrical breakdown, fire and allied perils, burglary and accidental breakage as well.
• Cover the office premises against break-ins, burglary and theft-related losses.
• Some insurance companies offer coverage for the loss or damage owing to the dishonest acts of an employee such as an act of robbery, fraudulent conversion, misuse of official information etc.
• Expenses incurred for fixing the glasses, housekeeping services and sanitary items.
• Expenses incurred for protecting publicity tools such as neon signs and hoardings against risks like fire, explosion, theft, lightning, and floods.
• The employees are covered for accidental death or injury during the tenure of employment. Third-party legal liability cover is also included.
• Special assistance, if provided, in the event of accidental death of the insured or injury or disability.

What is Not Covered Under Office Insurance Policy?

The office space insurance does not cover the following:

• Office Insurance doesn't cover damages due to normal wear and tear, steady deterioration or gradually developing flaws.
• Intentionally made damages are not covered by the policy.
• Any loss due to war or warlike situation, nuclear or atomic radiation is not included.
• Any illegal activity responsible for loss or damage.
• In the event of a fire, if the actual registered property value is lower than the selected sum insured, the claim amount will be proportionately reduced.
• If there is any loss or damage due to pollution, that damage will not be covered.
• Consequential losses are not covered. For instance, if a severe tornado damages your office, the policy will cover physical damages but not the loss of business revenue.
• The policy doesn't cover the loss where the manufacturer, repairer, supplier or other third party is at fault.

Office Package Policy Claim Process

The claim process for office insurance coverage typically involves the following steps:

1. Inform Your Relationship Manager: Immediately inform your assigned relationship manager about the incident to initiate the process.
2. Submit the Claim Form: Fill out the claim form accurately and provide all relevant supporting documents.
3. Claim Registration: Your relationship manager will forward the details to the insurer to formally register the claim.
4. Surveyor Appointment: The insurer will assign a surveyor to assess the damages and evaluate the claim.
5. Provide Required Documents: The surveyor will guide you on the necessary paperwork. Submit the documents promptly to ensure smooth claim processing.
6. Claim Approval and Settlement: Once the assessment is complete and the claim is approved, the insurer will process the payment promptly, helping you recover from the loss efficiently.

Note: The insurer will thoroughly evaluate the terms and conditions of your policy to determine whether the reported incident is covered. The final decision to approve or deny the claim rests entirely with the insurer.

Why Do You Need an Office Insurance Policy?

Office Package Insurance protects your business from unexpected risks that can lead to financial losses or disrupt operations. Here's why it matters:

• Coverage for Property Damage: Protect your office premises, equipment and assets from risks such as fire, theft, natural calamities and accidental damage.
• Employee Safety: Offers personal accident coverage to safeguard your employees while on duty.
• Liability Protection: Provides coverage for third-party liabilities, including accidental injuries or property damage caused to others.
• Comprehensive Risk Mitigation: Customise the policy to cover risks like burglary, machinery breakdown, or damage to advertisements like signage and hoardings.
• Business Continuity: Minimise financial stress and focus on your business growth without worrying about unexpected disruptions.

Why Buy Office Insurance Through Policybazaar for Business?

• Customised Consultation: Our business risk consultants deliver tailored advice designed to align with your unique needs and preferences.
• 24/7 Claim Assistance: Our claim experts are available year-round to ensure swift and seamless claim processing, providing you with reliable support whenever required.
• Dedicated Relationship Manager: Get personalised guidance from a dedicated relationship manager focused on helping you identify and minimise potential insurable risks.
• Competitive Quotes from Leading Insurers: Leveraging our partnerships with top insurance providers, we offer multiple competitive Office Insurance quotes, ensuring you benefit from optimal pricing and superior service.

Office Package Policy- FAQs