Source: Royalty-free stock photo ID: 323336360, Shutterstock
Being 100% online confers many benefits, including:
- Time savings: quote and buy office insurance in just ~5 minutes on your phone, tablet or laptop.
- Dollar savings: no underwriter means the cost to provide a policy for your office is more cost efficient, allowing us to pass the savings onto you in the form of a less expensive policy.
- No need to discuss, print, sign, scan or fax anything.
- More environmentally friendly (paperless).
What is workplace insurance, exactly?
Business insurance (or office insurance / workplace insurance) allows you to know that your business is protected if you ever suffer a covered loss. As an accountant with a leased office, you are at risk. The cost to transfer the risk to insurance is low compared to the expense of an actual theft, fire or other unfortunate incident.
Let's look at some examples of accounting-related business accidents...
Accounting office fire 🔥 (2020)
In 2020, the office of a government accounting firm caught fire, destroying two key departments and much of the interior of the building.
If a similar disaster occurred at a space leased by you — and you had office insurance — the insurance would potentially cover the office equipment at full replacement cost.
Also: Tenants Legal Liability (TLL) covers you (the insured) for legal liability in cases where the tenant causes damage to the rented property. If you rent a portion of an office in a building and you have a fire, then your TLL will cover the damages to the area you occupy.
Employee theft (2013)
The Atlantic reported in a story about workplace theft that a forensic accounting firm found when they surveyed workers in 2013, 52% admitted to stealing company property!
Crime coverage can be added onto any office insurance policy. This coverage extends to crime losses that are not insured under the basic office policy. Briefly described, commercial crime insurance covers money, securities and other property against a variety of criminal acts, such as employee theft, robbery, forgery, and computer fraud.
Montreal accounting firm fire 🔥(2010)
CTV reported in 2010 on a fire in Terrebonne, Montreal that completely destroyed an accounting firm. Its interior was entirely gutted by the inferno.
CTV never reported on the cause of the fire — but if, hypothetically, the fire had been caused by the leaseholder or one of their employees, and they had office insurance in place, then the insurance could potentially cover the damaged and destroyed office equipment at full replacement cost.
Tenants Legal Liability (TLL) covers you (the insured) for legal liability in cases where the tenant causes damage to the rented property.
How can workplace insurance/office insurance help accountants?
PROTECT your accounting business in the case of a lawsuit: Commercial General Liability coverage is designed to protect against all sums that you may become obligated to pay for bodily injury, property damage or personal injury to third parties arising out of your business operations. It includes the cost of a lawyer to defend you.
PROTECT your data from hackers: If you’re an accountant, your livelihood is linked to your computer. You likely also have accounting and client information on your computer. If you suffer a hack, your insurance can help you manage the costs associated with the loss. Front Row's office insurance policy includes $10K to cover a hack, at no additional cost.
PROTECT your equipment: What if your laptop was stolen or damaged in some way? Unlike our competitors, under Front Row's office insurance policy, all your equipment has full replacement cost coverage for theft, damage, fire and loss of use.
PROTECT your accounting business by purchasing Business Insurance online! Obtain a fast online quote and buy a policy online in just ~5 minutes, 24/7:
About: Front Row Insurance Brokers Inc. is an independent insurance broker that provides online workplace insurance for a very low cost, available to quote and buy online 24/7 in just a few minutes (with no minimum premium). Should a claim occur, Front Row works diligently with clients and insurers to expedite payment of claims. Front Row has offices in Vancouver, Toronto, Montreal and Halifax.
DISCLAIMER: Informational statements regarding insurance coverage are for general description purposes only. These statements do not amend, modify or supplement any insurance policy. Consult the actual policy or your broker for details regarding terms, conditions, coverage, exclusions, products, services and programs which may be available to you. Your eligibility for particular products and services is subject to the final determination of underwriting qualifications and acceptance by the insurance underwriting company providing such products or services. This website does not make any representations that coverage does or does not exist for any particular claim or loss, or type of claim or loss, under any policy. Whether coverage exists or does not exist for any particular claim or loss under any policy depends on the facts and circumstances involved in the claim or loss and all applicable policy wording.