Corporate Office Insurance

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Corporate Office Insurance Policy Information

Corporate Office Insurance

Corporate Office Insurance. The role of a corporate office is important for the organizing and decision making of a corporation. With such an important role there are many risks, a corporate headquarters is exposed to. This makes having protection a must. Having insurance is one of the best ways to protect your buildings. Getting corporate office insurance is the best thing you can do for your corporate office, and in this post, we will talk about how to get the right insurance for your building.

Corporate office insurance protects your headquarters from lawsuits with rates as low as $47/mo. Get a fast quote and your certificate of insurance now.

How Much Does Corporate Office Insurance Cost?

The average price of a standard $1,000,000/$2,000,000 General Liability Insurance policy for small corporate offices ranges from $47 to $79 per month based on location, aquar footage, payroll, sales and experience.

Corporate Office Property Coverage

There are some basic corporate office insurance policies for your headquarters that can keep it protected. Here are some of the most important coverages you can purchase:

Commercial Property Insurance - gives you protection for the buildings and the contents in them. With this insurance, you'll have protection for all of your assets and buildings. Sometimes there are things in life we just aren't prepared for, and this is why it's important to have insurance. By having this corporate office insurance, your business is protected from fire, smoke, vandalism or anything that can cause damage to your corporate office.

Business Interruption Coverage - offers protection for the times that your business is unable to function the way it should. If you need to make repairs or cover expenses while your business is unable to operate then having this insurance is a must.

Commercial General Liability Insurance - If you cause bodily injury or property damage to a third party you must have this insurance to protect your business. Costs associated with the damage such as medical bills or court fees are covered when you have this type of coverage.

Accounts Receivable Coverage - if your accounts receivable records are damaged by a covered peril this insurance provides you with the protection you need.

Flood Insurance - commercial property insurance does not provide coverage for flood damage. You will need to get a separate commercial flood policy if you are at the risk for flooding at your location.

Employee Dishonesty And Crime Coverage - if theft or any other fraudulent activity causes damage to your business then you are covered if you have this type of insurance covering your business.

Corporate Office Liability Insurance

It's important to get the right protection in place so you can protect your corporate building from lawsuits. Many risks are involved, and we'll take a look at some of the different corporate office insurance policies you can get to protect your business:

Commercial General Liability Insurance - gives you protection against lawsuits made against your business. If you cause damage to a third party or their property, then you'll be covered with this insurance. "Slip and Fall" are common type of claim that CGL covers in most instances.

Commercial Umbrella Insurance - this corporate office insurance provides excess liability coverage beyond the limits of your base policies to provide you with the best protection for your headquarters.

Workers' Compensation - workers comp coverage helps you if there are any bills associated with the injury of one of your workers. If an injury on the job results in a fatality, then this insurance will pay benefits to the surviving family. In most states this is a mandated coverage for any non-owner employees or partners.

Commercial Auto Insurance - if a vehicle that is owned and used by your business causes damage to a third party, you are covered by this insurance. However, if your employees use their vehicle to perform business errands, then you may have to get hired or non-owned business insurance to keep them protected.

Corporate Office's Risks & Exposures

Premises liability exposure depends upon whether customers come onto the office's premises or the firm's employees visit or travel to the customer's premises. If clients visit the premises, aisles must be free of debris and have flooring in good condition, no frayed or worn spots on carpet, and no cracks or holes in flooring.

The number of exits must be sufficient and well-marked, with backup exit lighting in case of power failure. Parking lots and sidewalks must be in good repair, with snow and ice removed, and generally level and free of exposure to slip and falls. Off-premises exposures may arise from sales visits, training sessions, and similar work at the customer's premises. There should be policies and training as to off-site conduct by employees.

Professional liability exposure will depend on the type of services offered to clients. Any professional must have an appropriate license and proper certification.

Workers compensation exposure will depend on the actual work being performed. Since most work will be done on computers, potential injuries include eyestrain, neck strain, carpal tunnel syndrome, and similar cumulative trauma injuries that can be addressed through ergonomically designed workstations. Workers who travel off-site can be injured by slips and falls at clients' premises or in automobile accidents.

Property exposures are generally limited to that of an office, although there may be some incidental storage or an area for minor service work. In older offices, light to moderate exposures come from the large amount of paper used. In newer offices, there are often personal computers, photocopiers, and similar equipment. Ignition sources include electrical wiring, heating, and air conditioning systems, wear, and overheating of equipment. Computers and other electronic equipment may be targets for theft.

Equipment breakdown exposures are typically moderate. Climate control is important for many businesses, and breakdown of the heating or air-conditioning units or computers may cause serious loss.

Crime exposures include employee dishonesty and money and securities if receipts are collected in the office. The exposure increases in the absence of background checks and monitoring procedures. All job duties, such as ordering, billing and disbursing should be separate and reconciled on a regular basis. Receipts should be issued for any cash payments received. Bank deposits should be made on a timely basis to limit the buildup of cash on premises. Audits should be performed at least annually. Computer fraud may be a concern, not only directly to the insured, but also through identity theft of customers' personal information.

Inland marine exposures are generally limited to accounts receivable if the firm offers credit, computers, and valuable papers and records for clients' and vendors' information. Duplicates should be kept off-site to allow for re-creation in the event of a loss. Equipment or laptop computers off premises may be subject to theft or transportation losses.

Buusiness auto exposure is generally limited to hired and non-owned. If vehicles are provided to employees, there should be written procedures in place regarding the personal use by employees and their family members. All drivers must have appropriate licenses and acceptable MVRs. Vehicles must be maintained and records kept in a central location.

Corporate Headquarters Insurance

The protection of your corporate building is necessary. Taking the time to find the best protection is a wise investment that you can make for the future growth of your business.

Types Of Small Business Insurance - Requirements & Regulations

Perhaps you have the next great idea for a product or service that you know will appeal to your local area. If you've got a business, you've got risks. Unexpected events and lawsuits can wipe out a business quickly, wasting all the time and money you've invested.

Operating a business is challenging enough without having to worry about suffering a significant financial loss due to unforeseen and unplanned circumstances. Small business insurance can protect your company from some of the more common losses experienced by business owners, such as property damage, business interruption, theft, liability, and employee injury.

Purchasing the appropriate commercial insurance coverage can make the difference between going out of business after a loss or recovering with minimal business interruption and financial impairment to your company's operations.

Small Business Information

Insurance is so important to proper business function that both federal governments and state governments require companies to carry certain types. Thus, being properly insured also helps you protect your company by protecting it from government fines and penalties.

Small Business Insurance Information

In the business world, there are many risks faced by company's every day. The best way that business owners can protect themselves from these perils is by carrying the right insurance coverage.

The The National Association of Insurance Commissioners (NAIC) is the U.S. standard-setting and regulatory support organization. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer review, and coordinate their regulatory oversight.

Commercial insurance is particularly important for small business owners, as they stand to lose a lot more. Should a situation arise - a lawsuit, property damage, theft, etc. - small business owners could end up facing serious financial turmoil.

According to the SBA, having the right insurance plan in place can help you avoid major pitfalls. Your business insurance should offer coverage for all of your assets. It should also include liability and casual coverage.

Types Of Small Business Insurance

Choosing the right type of coverage is absolutely vital. You've got plenty of options. Some you'll need. Some you won't. You should know what's available. Once you look over your options you'll need to conduct a thorough risk assessment. As you evaluate each type of insurance, ask yourself:

  • What type of business am I running?
  • What are common risks associated with this industry?
  • Does this type of insurance cover a situation that could feasibly arise during the normal course of doing business?
  • Does my state require me to carry this type of insurance?
  • Does my lender or do any of my investors require me to carry this type of policy?

A licensed insurance agent or broker in your state can help you determine what kinds of coverages are prudent for your business types. If you find one licensed to sell multiple policies from multiple companies (independent agents) that person can often help you get the best insurance rates, too. Following is some information on some of the most common small business insurance policies:

Business Insurance Policy Type What Is Covered?
General Liability InsuranceWhat is covered under commercial general liability insurance? It steps in to pay claims when you lose a lawsuit with an injured customer, employee, or vendor. The injury could be physical, or it could be a financial loss based on advertising practices.
Product Liability InsuranceWhat is covered under product liability insurance? I pays an injured party's settlement or lawsuit claim arising from a defective product. These are usually caused by design defects, manufacturing defects, or a failure to provide adequate warning or instructions as to how to safely use the product.
Commercial Property InsuranceWhat is covered under business property insurance? General liability policies don't cover damages to your business property. That's what commercial property insurance is for. It protects all of the physical parts of your business: your building, your inventory, and your equipment, giving you the funds you need to replace them in the event of a disaster. If you work from home, you might consider a Home Based Business Insurance policy instead.
Business Owners Policy (BOP)What is covered under a business owners policy (BOP)? This is a policy designed for small, low-risk businesses. It simplifies the basic insurance purchase process by combining general liability policies with business income and commercial property insurance.
Commercial Auto InsuranceWhat is covered under business auto insurance? This type of insurance covers automobiles being used for business purposes. This could include a fleet of business-only vehicles or a single company car. In some cases it might cover your car or your employee's car while they're being used for business. These policies have much higher limits, ensuring you can cover your costs if one of these vehicles gets into an accident.
Commercial Umbrella PoliciesWhat is covered under commercial umbrella insurance? This type of policy is a sort of "gap" insurance. It covers your liability in the event that a court verdict or settlement exceeds your general liability policy limits.
Liquor Liability InsuranceWhat is covered under liquor liability insurance? It covers bodily injury or property damage caused by an intoxicated person who was served liquor by the policy holder.
Professional Liability (Errors & Omissions)What is covered under professional liability insurance? This type of business insurance is also known as malpractice oe E&O. It covers the damages that can arise from major mistakes, especially in high-stakes professions where mistakes can be devastating.
Surety BondWhat is covered under surety bonds? Bonding is a contract where one party, the SURETY (who assures the obligee that the principal can perform the task), guarantees the performance of certain obligations of a second party, the PRINCIPAL (the contractor or business who will perform the contractual obligation), to a third party, the OBLIGEE (the project owner who is the recipient of an obligation).


Who Needs General Liability Insurance? - Virtually every business. A single lawsuit or settlement could bankrupt your business five times over. You might also need this policy to win business. Many companies and government agencies won't do business with your company until you can produce proof that you've obtained one of these policies.

Business Insurance Required by Law

If you have any employees most states will require you to carry worker's compensation and unemployment insurance. Some states require you to insure yourself even if you are the only employee working in the business.

Your insurance agent can help you check applicable state laws so you can bring your business into compliance.

Other Types Of Small Business Insurance

There are dozens of other, more specialized forms of small business insurance capable of covering specific problems and risks. These forms of insurance include:

  • Business Interruption Insurance
  • Commercial Flood Insurance
  • Contractor's Insurance
  • Cyber Liability
  • Data Breach
  • Directors and Officers
  • Employment Practices Liability
  • Environmental or Pollution Liability
  • Management Liability
  • Sexual Misconduct Liability

Whether you need any or all of these policies will depend on the results of your risk assessment. For example, you probably don't need an environmental or pollution policy if you're running an IT company out of a leased office, but you would need data breach and cyber liability policies to fully protect your business.

Additional Resources For Real Estate Insurance

Learn about small business real estate insurance coverages including liability and commercial property policies for realtors, mortgage companies and more.


Real Estate Insurance

For real estate professional liability policies, the insurance company agrees to pay amounts the insured is legally obligated to pay as damages because of a wrongful act. However, this insurance must cover the wrongful act.

The insurance company not only has the right to defend any suit brought against the insured, it also has a duty to do so. That duty, which can be very expensive, does not apply to suits brought for wrongful acts that this insurance does not cover.

What type of coverage is available for real estate agents who provide insurance advice? Any claim related to the sale or purchase of insurance is not covered. In addition, there is no coverage for any recommendations or advice regarding insurance or any failure to procure or maintain appropriate insurance.

Who is considered an insured under the Real Estate Agents and Brokers Professional Liability Policy? The named insured is an insured. The named insured is the entity or individual listed on the declarations. There can be multiple named insureds.

Any entity listed in the application as a predecessor organization is an insured. The named insured must be the entity's majority successor of interest with respect to the predecessor organization's financial assets and liabilities.

Are Real Estate Brokers Professional Liability policies written on an "occurrence" or a "claims-made" basis? Insurance is written on a claims-made basis, requiring that a claim must be reported to the insurer during the policy period or during the extended reporting period.

Minimum recommended small business insurance coverage: Business Personal Property, Business Income with Extra Expense, Employee Dishonesty, Money and Securities, Accounts Receivable, Computers, Valuable Papers and Records, General Liability, Employee Benefits Liability, Professional Liability, Umbrella Liability, Hired and Non-owned Auto Liability & Workers Compensation.

Other commercial insurance policies to consider: Building, Earthquake, Equipment Breakdown, Flood, Computer Fraud, Forgery, Cyber Liability, Employment-related Practices Liability, Business Auto Liability and Physical Damage abd Stop Gap Liability.


Corporate Office Insurance
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