An Office Insurance policy helps to protect those aspects of your business to which you value most, and it is customisable allowing you to insure your whole business under one policy.
Whilst similar to a Business Insurance policy, Office Insurance policies are specifically for office-based risks.
Occupations this style of policy is ideal for include:
|Fire / Flood or Material Damage
|Building, Contents or General Property
|Burglary and Theft
|Internal or External Glass
|Electronic Equipment Breakdown
|Public and Products Liability
|Temporary Removal of Contents
|Temporary Protection & Watchmen
|Business Interruption Extensions
In effect, they provide the same cover. The main point of difference is that an Office Pack is specifically for an Office based risk and that you automatically receive Burglary and Theft over and up to the full Contents sum insured.
In June 2012, the Insurance Council of Australia and Federal Government agreed to adopt the below definition:-
The definition of flood is:
Yes. All insurance offered by Austbrokers Comsure can be paid by the month through premium funders. If you chose to use the premium funder’s service, your monthly installments will be tax deductible.
No – most insurers do NOT offer Flood as an automatic cover. If you want this cover under your policy, please tell your adviser.
Also known as the “Average” or Co-Insurance” Clause, Underinsurance is the result of nominating a value for an asset which is too low to actually replace it in the event it is lost or damaged.
Certain cover sections (Fire, Business Interruption – Income, and Electronic Equipment) contain the under-insurance clause. It is important to review the level of cover you have declared, as if the amount you have declared is too low, the insurer can apply a formula which limits their settlement to you for that loss. This can occur if you have declared less than 80% of the actual value of the risk/asset.
Many businesses unknowingly under-insure as they apply heavy depreciation to their assets or simply forget to include certain assets into their calculations.