If you are renting office space to operate your business, you need the right business insurance policy to cover your office rental. While the property owner will cover any issues related to the physical building, business insurance will cover any damage to your equipment inside the office. Most landlords are reluctant to rent their property to someone who does not have business insurance. Therefore, getting the right business insurance to cover your office space and rental is highly recommended.
A business owner’s policy can be a good starting point for commercial tenants as it typically includes three forms of coverage that are as follows:
- Property Coverage
If you have business property coverage, you are protected if any of your equipment is stolen or damaged due to a fire. Your landlord’s insurance may cover the interior and exterior of the office, but you need your own policy to cover your belongings. Look over your lease agreement to see if you are liable for any building damage. In some cases, you may be responsible for any HVAC damage in the office. If you plan to make any changes to the office, you’ll need to purchase extra coverage to fully cover the potential damage.
- Liability Coverage
A serious lawsuit could put your assets in jeopardy. Liability coverage adds a layer of protection to keep your business moving forward. Liability coverage protects your business if a visitor gets injured while they are at your office. You don’t have to cover any medical bills out of pocket. Your landlord’s policy does not cover any liability disputes concerning your business. Liability coverage also protects your employees if they are held liable for causing property damage.
- Business Interruption Coverage
If an accidental fire burns your office or a power outage takes several days to repair, business interruption coverage would cover any income that you lose during this time. You will also be covered if you choose to operate your business somewhere else while your office is repaired. You can use this coverage to ensure that your profits remain stable, and you don’t fall behind on your bills.
Consult with J. Archer Insurance Group
Obtaining a business owner’s policy is a great way to protect your business against basic risks. You may need to add extra coverage, such as an umbrella insurance policy based on the type of business you have. Our experts at J. Archer Insurance Group will help you find the right business insurance policy for your situation. Contact us today to learn more!
