What You Need to Know before Getting Business Renters Insurance
If your business rents the property where you operate, you need specialized coverage to protect you from liability and other unforeseen circumstances that can happen. Business renters insurance works by covering you in cases of damage.
- People – Such as staff, workers, or customers
- Property- The building itself
- Equipment – This can include computers, laptops, and any other equipment or inventory you need for your business
Disasters don’t wait around for a convenient time to strike, so you need to make sure your business is properly covered. Such as:
- The waitress who was breaking up a fight in a Maryland small business who ended up with a brain injury
- The Belcamp Maryland gas station employee who was injured during a robbery
- The woman who fell and injured herself in a Royersford PA grocery store and filed a suit against the store
What Type of Rental Business Insurance Coverage Does My Office Need?
The main types of business renters insurance cover both liability issues and property damage. How much coverage you will need depends on several factors, including how many employees you have and the amount of foot traffic you get, not to mention the equipment you need for your business. What’s important is that you make sure everything that’s integral to your business gets the best coverage possible.
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What Coverage Is Included in a Business renters Insurance Policy?
When you’re renting, you’re not the only one who has insurance on the building, your landlord also has a policy and you should discuss with him what exactly his policy covers so that you can make sure your renters insurance will cover everything his policy does not. The insurance and coverage responsibilities are typically part of the lease agreement. You never want to make assumptions about what your landlord’s insurance will cover and you need to find out before you sign the lease.
Renters policies are typically included in a Business owners policy (BOP) that cover damages such as
- Natural disasters – These include a fire burning down your small business renters insurance unit or water damage.
- General Liability – This protects you if a customer trips and hurts himself on the premises.
- Crime or theft – If theft or crime in the area is a concern, purchase a policy including those aspects.
An East Insurance Group agent can tailor your particular coverage needs into a personal business policy.
In addition to the standard business renter’s coverage, you can purchase added protection on your business policy. This can protect you in cases where a fire or other disaster burn down your office, and you need income coverage, need to pay for relocation,
Professional Liability Insurance
This will cover you in cases where you gave wrongful advice to a client that ended up damaging them.
Product Liability Insurance
This will cover you should your product injure or cause damage to a customer.
This will cover the expenses if your equipment breaks
If your business depends on certain key personnel, you may also purchase key person insurance. If that necessary employee leaves or becomes unable to work, you receive money while searching for a replacement.
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