Office Insurance in Massachusetts

What is Office Insurance?

Although offices are generally considered fairly safe, they aren’t completely risk-free workplaces. Equipment breakdowns, burglaries and fires are only a few of the many perils that offices face. Office insurance helps protect the office space that businesses in Massachusetts use from a number of covered perils.

Office insurance is a specialized type of commercial insurance that’s carefully crafted to meet the risk mitigation needs of businesses which have office spaces. The exact coverages that are included in a policy can vary, but most policies are underwritten as package policies that combine multiple coverages together.

What Businesses in Massachusetts Need Office Space Insurance?

Most Massachusetts businesses that own offices or office buildings should consider purchasing office space insurance, for this is often the most effective way to insure these workplaces. A few particular businesses that may benefit from this insurance include:

• Dental and medical practices
• Engineering consultants and architectural firms
• Mortgage brokers and real estate brokers
• Legal consultants and practices
• Insurance brokers and adjusters
• Advertising firms and marketing research agencies
• Interpreters and translators

Businesses that lease out shared office spaces also often should carry this coverage.

What Coverages Are Available Through Office Space Insurance?

While the coverages offered in policies can vary, there are many protections that office space insurance policies commonly make available. Some of these are:

• Commercial Building Property Coverage, which may cover a business’ owned office building
• Commercial Personal Property Coverage, which may cover items within an office space
• Business Liability Coverage, which may cover common accidents occurring in an office space
• Computer Coverage, which may cover both office computers and data that’s kept on them
• Employee Dishonesty Coverage, which my cover fraudulent and dishonest acts committed by employees
• Money and Security Coverage, which may cover securities and money kept in an office space
• Valuable Papers and Records Coverage, which may cover important records and documents stored in an office space

An insurance agent who specializes in office space insurance can help businesses sort through the many coverage options and select the ones that are right for their office.

What Factors Do Insurers Consider When Setting Premiums for Office Policies?

Insurance companies look at a variety of factors when they set premiums for office policies. All of the following frequently influences how much coverage costs:

• How many square feet an office space is
• Where the office space is located
• What type of work is conducted within the office space
• What limits and deductibles a business chooses

Businesses can find out exactly how much insuring an office they own will cost by talking with an independent insurance agent. Unlike a captive agent who normally works with a single insurance company, an independent agent can check policy options from multiple insurance companies in the state. This makes it easy to see how much various insurers will charge to protect a specific office.

Are There Ways for Businesses to Save on Office Policies?

In many cases, businesses can lower their office policy’s premiums by taking certain risk-mitigating measures. Depending on an insurance company’s programs, businesses might be able to qualify for reduced premiums by Installing fire/burglar alarms in their office and/or installing a sprinkler system. Many insurers also offer discounts for bundling multiple policies together.

How Can Businesses with Offices in Massachusetts Get Office Insurance?

For help insuring an office in Massachusetts, contact the independent insurance agents at Dempsey Insurance. Our agents have assisted many office-owning businesses with their insurance needs, and we’re ready to help your business find an office insurance policy.