Insurance for Office Administrative Services
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What Insurance Do Office Administrative Services Need?
Workers Compensation covers your employees' medical costs and lost wages while recovering from a work-related injury or illness. The employee gives up the right to sue your company in return for receiving cash and benefits from Workers Compensation. In some states it’s mandatory for businesses!
General Liability Insurance protects your small business against claims of third-party bodily injury and property damage, reputational harm and advertising injury. It covers medical bills, repair costs & legal fees.
Business Owners Policy (BOP) protects you from business liability and property damage at a lower cost. BOP covers claims resulting from fire, theft & disasters. BOP also covers claims of bodily injury or property damage during your business operations.
Commercial Auto Insurance covers your cars, trucks, and vans used in your business. It covers the costs from vehicle damage in collisions, theft, vandalism and weather damage. It also covers medical expenses for to injured parties.
Frequently Asked Questions
Why do Office Administrative Services need insurance?
Companies that fall under this industry provide day-to-day office administrative services, such as financial planning, billing, and personnel.
Even if your office administrative services are a successful business, disaster could strike at any moment, forcing your business to close. Your business needs insurance to mitigate all risks because without insurance you'll have to pay the costs of defending liability claims, medical expenses, damage repairs, and other expenses out of your business pocket.
What risks do Office Administrative services face?
Office administrative services face a unique set of risks, below are some examples:
- An employee bills a client higher than contracted by mistake. This error caused your client financial harm and they sue your business due to the error.
- A client visits your administrative office and slips and falls, becoming injured.
- Your employee suffers a repetitive strain injury because their workplace is not ergonomic. The injury causes the employee to stop working until the injury is fixed.
How much does insurance for Office Administrative services cost?
The cost of insurance for office administrative services depends on the coverage you need and how much you are willing to spend. Each business is unique. The services you offer, the size of your business and the risks your employees face all contribute to the cost of your insurance.