Corporate offices typically administer, oversee and manage the overall operations of a corporation or enterprise. They often take on decision-making and organizational planning roles as well as other responsibilities. Corporate offices have unique risk exposures and need a comprehensive business insurance package to protect the business from financial harm.
If something goes wrong in a corporate office and you have to close or make repairs, the financial viability of your entire corporation may be at stake. You must protect:
In addition, you must protect your corporation from lawsuits and other damage claims made by current or former employees, customers, vendors or other third parties. Using a variety of business insurance policies, you can protect your corporate office from these perils.
Whether you operate a law firm or the offices of any type of corporation, your commercial offices need several types of property coverage to protect office space and other business personal property.
Commercial property insurance protects buildings and their contents, including computers, office equipment, furniture, artwork and all of your business personal property — whether it is owned or leased — if it is damaged by fire, smoke, theft, vandalism or some other covered peril. You need this coverage for the contents of your office even if you do not own your office building.
If you sustain damage that forces you to relocate while you make repairs to your office space, business interruption coverage reimburses you for lost income and extra expenses (relocation expenses) during the closure or relocation period.
You may also need additional tailored property coverage. Talk to your Trusted Choice® insurance agent about your need for the following:
Corporate offices that lease office space often make upgrades or improvements to that space at their own expense. Improvements or betterments are permanent additions or changes made to a building by a lessee at his or her own expense, which may not be legally removed. This may include lights, carpeting, permanent fixtures and even full build-outs that are paid for by the lessee.
When improvements or betterments are made, they become a part of the building, but the lessee continues to have an insurable interest, or a “use interest.” If there is a fire and the improvements or betterments are damaged, the lessee suffers a financial loss.
Improvements or betterments that are paid for by a lessee may be insured by either the tenant or the building owner. The lease agreement should indicate which party’s commercial property policy should cover the specific improvements or betterments; otherwise, a dispute may arise if there is a loss.
Improvements and betterments coverage can be complicated and is highly dependent on the specifics of your lease.
Corporate offices need liability insurance to protect them from lawsuits and claims of third-party bodily injury or property damage. Some liability policies provide broad coverage for a wide variety of occurrences while others offer very specialized, tailored coverage. Talk to your independent insurance agent about which types of liability coverage are right for your corporate office.
Corporate offices may need additional insurance policies that help keep employees healthy and happy. Talk to your independent insurance agent about the following:
A Trusted Choice insurance agent can find customized quotes from multiple insurance carriers to make sure you get the corporate office coverage you need. Remember to use an apples-to-apples approach when shopping for business insurance. Be sure that the coverage being offered is the same or similar across all of the quotes you evaluate. This is the best way to decide which policy best meets your needs and budget. Find a local insurance agent today.