Is your front window covered by insurance?
Importantly, does your insurance cover not just the broken window but possible theft of customer data?
Last week, we reported that scooter thieves had smashed into the window of London agents Flats and Houses, and stolen a £2,000 computer.
Insurer Oliver Wharmby, of Lonsdale Insurance Brokers, tells us that his own firm has very recently had four ‘front window’ claims from estate agents within the space of just one week.
He said three were ‘smash and grabs’ and one was vandalism.
He said the average cost to replace a plate glass window is around £1,500, but this does not count other items such as signage, display units and lighting which may have also been damaged – or stolen.
The other consideration is theft of data.
Wharmby told EYE: “The business interruption usually lasts a day or so. However, it never looks great having a boarded-up window.
“The latest case mentioned an iMac being stolen.
“The risk of data loss poses a completely separate threat which, depending on the terms and conditions of the policy, would fall under a cyber or professional indemnity policy.
“The consequential loss attached to data getting into the wrong hands can be potentially devastating to any business and especially through brand reputational damage. A good cyber liability policy would provide cover for brand reputational loss through engaging a PR company to mitigate the threat.
“We are seeing more and more agents replacing traditional desktops with laptops, ipads and smartphones.
“Portable equipment may not be covered as standard under a general office policy. If it is covered, the sum insured is usually very low.
“To avoid being under-insured for portable equipment, it is critical you adjust the sums insured to reflect the cover required.”
He said that agents should consider the following:
Does your office policy cover fixed glass, signs, blinds and canopies, and if so is the sum insured adequate?
- Check what portable equipment cover you have and that it satisfies your needs. It may be shown under the “all risk section”.
- Do you have a cyber liability policy including cyber-crime?
- Clear the desks at the end of the day. Do not leave valuables on display.