Why You Need Commercial Insurance Even if You Rent Your Business Space
Why You Need Commercial Insurance Even if You Rent Your Business Space
Some small to medium-sized businesses may feel they don’t need commercial insurance since they don’t own the building from which they conduct business. They may feel their landlord is responsible for any damage to the building from a fire or natural disaster, and even are totally responsible for liability coverage. Nothing could be further from the truth.
First, your landlord may be the nicest of guys, but he’s not likely concerned about your inventory or liability risks. Sure, he probably will have insurance but it may only cover his structure and his interests. In fact, in many retail circumstances, the tenant may be responsible for broken window glass. But that is just the start of where you may be at risk.
Even if your landlord has liability coverage, someone slipping and falling in your store or office space can still hold you liable for injury and possibly resulting legal expenses. This risk is expanded if you manufacture a product for sale and that product ends up injuring a customer. Even a delivery person who gets injured in your space can hold you accountable.
If you have employees, they can be a liability risk when conducting business-related activities. If they use personal vehicles for business errands or delivery, you again could be held liable in an incident.
None of this even addresses the issues involved with theft, vandalism or lost inventory in a fire or other calamity. What if your computers and office furniture are lost, stolen or damaged? You also have to consider how you would cover loss of income during a period when your business may not be operating. Insurance can help you recover from the loss of digital assets.
There is much more involved in protecting your business than just the structure. When you consider all the risks involved, securing sufficient and appropriate business insurance is critical.
Our independent insurance agents will sit down with you to discuss your business and your potential risks. They can construct a business coverage plan to deliver the protection and peace of mind you deserve. Contact us today.
Do you have questions about your insurance? Find an insurance agent near you with our Agent Finder
Search All Blogs
Search All Blogs
Read More Blogs
The Entrepreneur’s Armor: A Guide to Protecting Your Business
A crucial guide to business insurance, covering essential policies and strategies for entrepreneurs.
The Gift of Security: A Simple Guide to Life Insurance
An easy-to-understand guide to life insurance, explaining policy types and a simple way to calculate your needs.
Hitting the Road Safely: Understanding Your Auto Insurance Policy
A simple guide to auto insurance, explaining coverage, premiums, and tips for finding the best policy.
The Homeowner’s Handbook: Protecting Your Property and Peace of Mind
A clear guide to home insurance, covering policy types, inventory tips, and how to save money.
The Art of the Perfect Pizza: From Dough to Delight
A comprehensive guide to making delicious, restaurant-quality pizza at home, from dough to toppings.
Shielding Your Enterprise: The Small Business Owner’s Guide to Insurance
A deep dive into business insurance, covering essential policies and strategies to protect your company from risk.
Your Legacy, Your Promise: A Practical Guide to Life Insurance
A clear, practical guide to life insurance, explaining term vs. permanent policies and how to calculate your needs.
The Driver’s Blueprint: Demystifying Auto Insurance Coverage
A complete guide to auto insurance, explaining all coverage types and how to get the best deal.
Beyond the Basics: Navigating the Nuances of Home Insurance
A comprehensive guide to home insurance, covering everything from standard policies to essential riders and the claims process.
How Long Would It Take? A Look at Time, Expectations, and the Unexpected
How long would it take to walk across the U.S. or grow a foot of hair? Find out here.