Should You Have Business Insurance If You Don’t Own the Real Estate?

Companies and businesses come in more shapes and sizes than ever. While brick and mortar businesses like corner stores and auto repair shops once prevailed, businesses today can be conducted from home, a rented office, or virtually. So, if you are operating a business and either don’t own the property where it is being conducted or if it is being conducted virtually, do you still need business insurance? The short answer is yes. Here is a look at some examples.

Home Operated Businesses

Operating a business from home offers some challenges and opportunities. It provides some cost efficiency and conveniences, but it has its risks. Your traditional homeowners’ insurance is not likely to cover business-related issues like liability and inventory, theft, or fire damage.

Talk to your independent business insurance agent about covering your home-based business adequately.

You Rent the Space Your Business is Located In

Operating a business from a rented property may take you off the hook from insuring the building you rent, but you still have exposure to liability issues and are responsible for your inventory, machinery, office furniture, and potential business income losses. Like residential renters’ insurance, business insurance when renting can save you money, but you will still likely have risk exposure. Our independent agents can help minimize that exposure.

You Conduct Business Virtually

Even if you only do business online, your business can still be at risk for product liability issues, digital security problems, and even trademark and copyright infringement. While business insurance may not protect you in all circumstances, it can help you operate with greater confidence.

Service Industries

You may not own real estate but still provide services off-site for your customers. This places your business at risk for the conduct and performance of your employees.

Of course, if your business does own real estate, business insurance is just that much more crucial. We can help, no matter the shape and size of your business. Contact us today for your no-obligation business insurance quote. We look forward to assisting you.