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An adviser checks whether the cover suits your activities
A premium indication, not personal advice. Prefer to talk it through? Call 072 - 509 24 56.
In brief
The business contents of an office consist of furniture, workstations, network equipment, servers, screens and fixed fittings. Those items are easy to count and to insure at replacement value as new. Stock hardly plays a role, so the goods item in an office often stays empty or contains only stationery.
What sets an office apart is that the carrier is cheaper than the content. A replacement server or laptop is a straightforward item; repairing or reconstructing files, records and case files is not. Those costs do not fall under business contents insurance and call for electronics or electronic equipment cover or cyber insurance.
The second point is the where the property is. Since hybrid working, a substantial part of your equipment is at employees' homes or travels in a bag. The cover of a business contents policy is tied to the address on the policy.
What does business contents insurance cover for offices?
The structure of the cover in three parts, with an overview per situation below.
Your business assets
Business contents
Machinery, equipment, furniture and installations.
At replacement value as new
Fire, water and burglary
Fixed fittings
Stock
Goods
Trading stock, raw materials and finished products.
Purchase value or cost price
Declare seasonal peaks
Spoilage separately
Optional
Extensions
What is excluded as standard.
Money and securities
Third-party property
Business interruption
What is covered
Situation
Business contents
Goods
Fire and smoke damage
Yes
Yes
Burglary with signs of forced entry
Yes
Yes
Water damage from a burst pipe
Yes
Yes
Customers' property being worked on
No
No
Spoilage due to refrigeration failure
Sometimes
Sometimes
Wear and deferred maintenance
No
No
This overview is general in nature and is not personal advice. What is actually covered, including exclusions, limits and the excess, is set out in the policy conditions and the insurance card (verzekeringskaart) of the insurer; you receive both before you take out cover. Taking out cover without advice? Then read what execution only means for you.
Where things go wrong in practice
Four points that make the difference between a policy that pays out and one that does not.
Data falls outside the cover
Business contents insurance pays for hardware, not for files. If a server is lost in a fire or a workstation is stolen, you are paid for the device and not for the time it takes to rebuild records, case files and configuration. For data recovery and reconstruction costs electronics insurance is needed, and where data is encrypted or stolen in an attack, cyber insurance with a section for recovery costs and notification duties.
Equipment away from the office address
Laptops, monitors, phones and docking stations at employees' homes are not at the insured address. Without an extension, theft there or in transit is not covered. Ask for a section covering equipment away from the premises, with a limit per employee and a description of what falls under it. Note the additional requirement often imposed: no equipment left visibly in a car, and a police report in the event of loss.
What is not covered
The following, among others, are outside the cover: data, software and licences, even where the equipment is paid for; theft without signs of forced entry from a multi-tenant building or a shared floor, where nobody can show how someone got in; and faults and defects without an external peril, such as a failed power supply or a defective drive. Customers' files and equipment in your care also fall outside because of the care, custody and control exclusion.
Tenant's improvements and shared spaces
Many offices are in a multi-tenant building or on a flexibly rented floor. What you had installed yourself, such as glass partition walls, suspended ceilings, a kitchenette, floor coverings and the data cabling, is tenant's improvements and belongs as a separate item on your policy. It does not fall under the owner's buildings policy. Also ask who is responsible for the security of the communal entrance, because the burglary clause on your own policy is bound up with it.
Third-party property is not included
Goods belonging to customers that you have in your care (being worked on, under repair or in storage) are not your own business contents and fall under the care, custody and control exclusion in your liability insurance. Insure them under a separate third-party property section with its own limit.
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No. Business contents insurance covers the equipment, not what is on it. For restoring back-ups, reconstructing records and setting up systems again you need electronics insurance or cyber cover. Also check that your back-up is off the premises or off the network, because a back-up next to the server burns or is encrypted along with it.
Is the laptop of an employee working from home covered?
Not automatically. The cover applies at the address stated on the policy. Ask for an extension for equipment away from the premises, with a limit per workstation. Note the conditions for theft in transit: many insurers require a police report and exclude equipment left visibly in a car.
What are tenant's improvements in an office?
Everything you as a tenant had installed yourself that is fixed to the building: glass walls, suspended ceiling, kitchenette, floor finishes, lighting and data cabling. The landlord insures the shell, not your fit-out. Declare the amount separately and base it on the cost of having the layout built again, not on the book value left in your accounts after depreciation.
Are customers' files and equipment covered?
Not on this policy. Third-party property in your care falls outside your own business contents and runs into the care, custody and control exclusion on the public and employers' liability insurance. If you work regularly with clients' equipment or archives, have a separate third-party property section included with its own limit and a clear description.
Finass Verzekert is a trading name of Finass Advies B.V. We advise on and arrange non-life insurance on the basis of an objective analysis of several insurers, and receive commission for this from the insurer, which is included in the premium. You pay no separate advice fee. Before you take out cover, we establish your wishes and needs.
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