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Technology Insurance Company
What is an Office Package Policy?
An Office package is a single insurance policy that combines several coverages previously sold separately. Office Policies can include general liability, property, auto, and a multitude of other coverages. In addition to Technology Errors & Omissions insurance, an Office Package policy is considered a must-have insurance policy. These policies are fairly easy to have quoted and bind coverage. Please click on Apply Now to complete an application.
Why Do I Need It?
This policy provides both 3rd party liability for bodily injury and property damage, as well as 1st party property insurance coverage. Your office premise lease most likely includes insurance requirements by your Landlord, and General Liability is a basic standard requirement. The property insurance portion will cover loss to your owned property like office furniture and computer equipment as a result of fire, theft and other property perils. Additionally, this policy can cover all of your office locations if you have more than one.
Are There Any Key Coverages a Technology Company Should Have Built Into It?
Yes! Non-Owned Auto is a key coverage that provides excess liability for your business. If an employee has an at-fault accident or a crash while operating his/her vehicle in the course of conducting business, your firm could be held liable for any liability or property damages in excess of what their personal auto policy will cover. This policy can also provide Hired Auto coverage, which extends to your employees renting cars on company business. This coverage only extends to cars rented in the US and Canada.
You can also include Umbrella Liability insurance under an Office Package that will allow you to purchase limits excess your General Liability, Auto Liability and Employers Liability component of Workers Compensation. Your lease or other contracts may require limits higher than what your primary coverage policies offer. An Umbrella insurance policy allows you to increase limits and ensure additional coverage when the primary policy limits are exhausted with one or multiple claims in a given policy period.
Does This Policy Include E&O?
No. Technology Errors & Omissions liability insurance is obtained via a separate policy. While the Office Package includes liability coverage, it covers physical loss a resulting in bodily injury or property damage. An E&O policy covers financial loss in connection with rendering professional services. Additionally, a general liability policy is written on a Per Occurrence Form, while an Errors & Omissions policy is most often written on a Claims-Made policy form. Click Here to start an application for Errors & Omissions coverage.
How Much Will this Office Package Policy Cost?
An Office Package insurance policy, including both property and general liability, starts at about $1,000. The cost of the policy will depend on the value of property your firm owns, square footage rented, and number of employees. We’ll work with you to ensure the best price for the most comprehensive coverage from a specialized technology insurance company. No technology company should go without this policy.