Office equipment insurance

For more on this part of the insurance industry:
1. visit our commercial insurance page for a look at all products in this sector
2. or focus in on all of the office equipment insurance products available on IB Markets!
 

What is office equipment insurance? 

Office equipment insurance protects Australian businesses from financial loss caused by theft, damage, or unexpected incidents affecting essential assets. This coverage extends to items such as:  

• computers 
• desks 
• chairs 
• high-value electronic devices 

It can include other critical office assets such as:  

• printers 
• copiers 
• filing cabinets 
• specialised equipment unique to certain industries 

With the increasing reliance on technology, this insurance helps companies recover quickly and maintain productivity after a disruption.  

Tax deductions are also available for premiums and repair costs, making office equipment insurance in Australia a practical choice for businesses. 

Office equipment insurance: industry trends and emerging risks 

This insurance sector is impacted by cyberattacks, with connected devices like IoT printers vulnerable to breaches and data theft. Rising inflation has increased replacement costs for vital assets, while supply chain disruptions delay new equipment procurement.  

Amid these challenges, new trends are shaping the industry such as: 

• office vacancies: the need for office equipment insurance may decrease as businesses downsize or delay expansion, driven by increased vacancies due to office oversupply 

• remote work: the shift to remote work boosts demand for policies covering portable devices, IoT gadgets, and digital asset protection 

• holiday theft risks: securing office supplies and equipment with comprehensive insurance coverage is important due to the seasonal spike in theft claims 

Despite increased vacancies, businesses choosing premium office spaces often invest in advanced equipment, prompting brokers to recommend tailored insurance policies for changing client needs.

Office equipment insurance FAQs 

What insurance do businesses need for an office? 

Australian offices require several types of insurance to safeguard operations and assets: 

• public liability insurance: covers legal and compensation costs for third-party injuries or property damage caused by business activities 

• business interruption insurance: provides financial support for expenses and income loss during operational disruptions 

• workers' compensation insurance: required coverage under the Workers' Compensation Act 1987, covering medical costs and lost wages for workplace injuries 

Evaluating specific risks and consulting with brokers can help businesses determine the right mix of policies for an office environment. 

Does office equipment insurance cover heavy equipment in the office? 

Office equipment insurance typically covers items like laptops, smartphones, tablets, and other essential office devices.  

Coverage for heavy equipment, such as large machinery or specialised tools, may not be included under standard office equipment insurance. 

What is the best insurance for heavy equipment? 

For businesses that rely on heavy equipment, it is advisable to look into business equipment insurance or heavy equipment insurance. 

What is an office package insurance policy? 

It is a bundled insurance policy designed to protect office-based businesses from multiple risks under a single agreement. Coverage Includes: 

• property damage from fire, theft, or accidents 
• business interruption to cover lost income 
• public liability for third-party injury or property damage 

By consolidating multiple coverages into a single policy, office package insurance simplifies risk management and can be more cost-effective than purchasing separate policies. 

What are common office equipment insurance coverage options? 

Australian office equipment insurance typically includes protection against: 

• fire and events: covers repair or replacement if equipment is damaged by fires, storms, or earthquakes 
• theft and burglary: compensates for stolen materials from office premises 
• accidental damage: covers unintentional damage, like spills or drops 
• portable equipment: protects laptops and mobile devices used off-site 

It is necessary to review policy details, as coverage can vary between insurers. Consulting with an insurance broker can help customise a policy to specific business requirements. 

Does office equipment insurance cover theft and natural disasters? 

Yes, these policies in Australia cover these threats. Coverage may include protection against theft and damage caused by natural disasters like fires, storms, and earthquakes. 

Who typically needs office equipment insurance coverage? 

This insurance is key for different businesses that rely on office-based operations. Some examples: 

• professional services: law firms, accounting practices, and consultancies that depend on computers, printers, and communication devices 

• medical and health services: clinics and medical offices using specialised equipment and patient records systems 

• creative agencies: advertising and design firms using high-value electronic devices and software 

These businesses need office equipment insurance to secure their assets and cover losses caused by incidents that disrupt office activities.