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
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