Bill Quickel's - Insurance Plus Agencies Inc. Blog |
 If you're looking to rent an office, you should also look into business insurance. Whether or not you expect to have clients come visit you, it's still a good idea to protect yourself. And your landlord may require it anyway. Check Your Landlord's Requirements Many commercial landlords require you to provide proof of coverage before they will offer you a lease or allow you to move in. The most common requirement is a commercial general liability policy that will cover damage that you to do to the building or the property of the other business owners. The same commercial general liability policy will also usually cover damage or theft caused by people you invite to the building to the landlord or the other businesses. Consider Accidental Damage Let's say you buy a coffee pot, and it shorts out and causes a large fire. The landlord may sue you for damage to the building, the other businesses may sue you for damage to their property, and both may sue you for lost income while the building is unusable. These could all be viable claims if your negligence caused the fire or some other accident. To protect your business, you probably want to carry insurance even if your landlord doesn't force you to. Consider Personal Injuries Now assume a client who had an appointment with you slipped on coffee spilled on the tile floor and had to go to the hospital. Maybe it was your fault. Maybe it wasn't your fault. Either way, the client can sue you, unless you figure out whose coffee it was. Maybe you'll eventually win in court, but will still have to pay for a lawyer. This type of scenario is real. It’s also why you shouldn't think nothing will happen that could get you sued in a "safe" office. Protect Your Own Belongings After you've guarded against lawsuits, it's time to protect your own belongings. Adding property coverage to your business insurance policy can give you protection against theft and accidental damage. Be sure to read the policy carefully, as there may be separate limits on such items as computers and software. You also want to make sure that your total business insurance package covers anything that could reasonably happen without gaps. Blog post by: ITC
9 Comments
11/7/2020 07:04:11 am
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Some companies offer the convenience of handling both the testing and remediation work. This is another tactic that gives unscrupulous mold remediation companies an incentive to find mold. 12/16/2022 07:30:29 am
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I think wherever you rent for your office or business, you should have an insurance policy for it. Any accident or happenings can happen anytime of anyday. 3/25/2024 07:41:31 am
Even if your landlord doesn't require you to have insurance, you should definitely get it to safeguard your business. 5/27/2024 07:17:43 pm
Absolutely, securing business insurance before renting an office is crucial. It not only safeguards your assets but also fulfills lease requirements. Insurance policies typically cover property damage, liability claims, and potential disruptions, providing comprehensive protection for your business operations. Investing in business insurance ensures peace of mind and a secure foundation for your enterprise. 7/9/2024 12:54:14 am
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