Water Damage In Rented Office Space - a Real exali Damage Event
A clear separation between work and private life or a quiet place to work: Renting an office for your own business has many advantages. At the same time, renting office space also harbours potential risks that you should be aware of. For example, if various damages occur when you move out, it can quickly become expensive. You can find out what costs you may incur in the latest damage event.
Water Ruins Parquet
The owner of a marketing agency had rented some office space in order to be able to receive her customers appropriately and offer her employees sufficient space. As the company continued to grow, the agency owner terminated the tenancy with due notice after a few years. The aim was to move to larger premises.
However, an unsightly damage was discovered when they moved out. A leak in a flower pot had repeatedly leaked water after watering. This had discoloured the parquet flooring all around and caused it to swell. As a result, it was not possible to hand over the rooms to the landlord without any problems.
There are many dangers in the media sector. In order for you to know what you are dealing with, we have summarised the biggest risks for agencies in this article: Business Risks For Agencies: These Are The Threats You Should Be Aware Of.
The Damage Is Piling Up
The landlord commissioned a specialised company to assess the extent of the damage. They quickly realised that the damaged parquet strips could be replaced individually. However, the experts noticed another problem: the floor in the entire room had become so worn over the years that it had to be completely sanded and oiled. The sum for the repair work quickly rose to almost 1,000 euros. The landlord claimed the damage from the owner of the agency - after all, she had damaged the rooms in the course of her professional activities.
Your Comprehensive Protection For All Media Activities
Whether you are responsible for marketing campaigns for your customers, optimising websites or designing online shops - the activities in the media sector are varied and challenging. The risks you face in your business are correspondingly multifaceted. In addition to the risk of causing financial loss to third parties, there is also the risk of personal injury or property damage. This is where the combination of Professional Indemnity and Genral Liability insurance through exali, which is already included in the basic coverage, comes into play.
No matter what type of damage is involved: If third parties assert claims against you, your insurer will stand by your side. It will examine the claims and, if necessary, pay for the damage. Unjustified claims will be defended against on your behalf.
Do you have questions about the coverage of your Professional Indemnity Insurance? Then exali customer service is there for you from Monday to Friday from 9.00 am to 6.00 pm on +49 (0) 821 80 99 46 0! Alternatively, you can also reach us via our contact form.
Professional Indemnity Insurance Covers Damage To Rental Property
The agency owner then sought support from the insurance experts in exali's customer service department as part of her Professional Indemnity Insurance. They examined the case in detail and were able to quickly pass it on to the responsible insurer thanks to their many years of experience with such claims. The insurer settled the claim in full, minus a small deductible of 250 euros.
This rapid and professional handling was possible because even the basic coverage of Professional Indemnity Insurance provides comprehensive protection for your business. The Financial Loss Liability Insurance covers financial losses that you cause to third parties. The basic coverage also includes so-called General Liability Insurance. It covers you if you cause personal injury or property damage in the course of your professional activities - as in the case of the agency owner, who was responsible for the damage to the rented property.
It often only takes a moment of carelessness and things get really expensive. As in the case of this advertising campaign: Comma Error Causes Overpriced Advertising Campaign - a Real Damage Event.
This case shows one thing very clearly: even in primarily digital professions, you are not immune to property damage. You should therefore pay close attention to the scope of your insurance policy. A combination of Financial Loss Liability for financial damage and General Liability for personal injury and property damage is ideal. This means you are well covered and can focus fully on your business.
Vivien Gebhardt is an online editor at exali. She creates content on topics that are of interest to self-employed people, freelancers and entrepreneurs. Her specialties are risks in e-commerce, legal topics and claims that have happened to exali insured freelancers.
She has been a freelance copywriter herself since 2021 and therefore knows from experience what the target group is concerned about.
