To insure your office normally requires not just cover for your contents and liability, for example, but also the compulsory Employees’ Compensation insurance.
If you/your company owns the premises, you can often include Property All Risks (superior to just Fire & Perils) cover for the building within the office plan.
The typical policy comes packaged with free cover for:
- loss of money (c HKD30,000) from safes or in transit to the bank
- Business Interruption (c HKD500,000) towards rent of an alternate premises etc if in case of water damage
Normally the premium will be charged based on:
- Replacement value of Office contents
- Depreciated value of portable items carried out of the office – such as laptops and mobile phones
- Level of Public Liability cover: Many insurers provide HKD5m or HKD10m free, but charge for additional cover
- Staff salaries for the year and the perceived risk level of the staff’s occupation; Eg: Clerical/managerial/outdoor sales/driver and as well, if the staff travels and works outside HK
At the end of the policy year you will be asked to declare the actual income, by category of staff and this will be matched against your estimates at the beginning of the policy year. A refund or extra charge will be made. We recommend that the first time you take the cover, you take it through till the end of the tax year after the next, so going forward it will be easier to make an accurate salary declaration.