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
Read More Blogs
Vintage Years of Vision: Four Times Hollywood Hit Cinematic Gold
Like fine wines, certain years in film history stand out for their exceptional quality and the enduring impact of the movies they produced. This article explores four such landmark years, presented chronologically, that many cinephiles consider to be among the greatest in cinematic history.
Green Means Growth: How Environmental Responsibility Can Boost Your Business
It might seem like a secondary concern when facing immediate business challenges, but embracing environmentally friendly practices can actually be a powerful strategy for improving sales, attracting top talent, strengthening your brand, and even saving money. This article explores the tangible benefits of going green for your company’s bottom line and long-term success.
The Forgotten Beauty: Unearthing the Story of the Volkswagen Karmann Ghia
Beyond the iconic Beetle and the groovy Microbus, Volkswagen produced a surprisingly elegant and often overlooked sports car: the Karmann Ghia. This article explores the history, design, and enduring appeal of this “poor man’s sportscar” that has become a sought-after collectible.
Peace of Mind at Home: Building Your Essential Supply Stockpile
Recent global events have highlighted the importance of being prepared for the unexpected. This article outlines key non-perishable food items and essential household supplies that every homeowner should keep on hand to ensure comfort, security, and resilience during unforeseen circumstances.
Faded Glory: Remembering the Sports That Once Ruled Our World
Remember when these sports were huge? Take a trip down memory lane with harness racing, bowling, boxing, and poker, and explore their shift in popularity.
Shielding Your Dream: Essential Insurable Risks Every Small Business Faces
Protect your small business! Understand key insurable risks like liability, vandalism, theft, employee injuries, and business interruption, and how insurance can help.
Finding Your Financial Foundation: Understanding the Minimum Life Insurance You Need
What’s the minimum life insurance you really need? Learn about covering final expenses, debts, and providing immediate financial relief for your family.
The Century-Long Rumble: The Epic Rivalry Between Ford and Chevy
Relive the classic Ford vs. Chevy rivalry, from the Model T era to the Mustang vs. Camaro showdown and today’s truck dominance.
Living Large: Peeking at the United States’ Most Outlandishly Expensive Homes
Explore the incredible world of ultra-luxury real estate with a look at some of the most expensive homes recently sold in the United States.
Curious Origins: Unraveling the Stories Behind Everyday Phrases
Uncover the surprising stories behind everyday phrases like “holy Toledo,” “crocodile tears,” “jaywalking,” and more!