| NYC Business Group
Reasons Why You Need Business Insurance to Cover Your Office Rental
If you want to rent an office space, you must purchase the right business insurance policy to cover your office rental. Although the property owner covers issues related to the physical building, your business insurance policy covers any damages to your office equipment. Most landlords hesitate to rent office spaces to businessowners that don’t have business insurance. Here are the reasons why you need business insurance when renting office space:
• It is a requirement – you must purchase business insurance before you rent an office. General liability insurance is vital because it covers potential damages to the property of other tenants and the building. Call us today to get a quote!
• Protect your belongings – while the landlord’s insurance policy covers the physical structure, the business insurance policy includes property coverage to protect you and your business against theft or accidental damage of your office equipment such as files, computers, inventory, and furniture.
• Business interruption – if there is an accident and your business cannot operate normally, business interruption covers the losses incurred.
• Additional responsibilities under your lease – when renting an office space, always read and understand the lease to avoid inconveniences in the future. Although terms and conditions vary, some landlords hold tenants accountable for modifications like building glass, installing HVAC, and other interior modifications. You will be covered with business insurance to avoid spending your money when moving out. We can go over what exact coverages you need for your business/space!
• Accidental damages – accidents can happen, causing immense losses. For example, if you or one of your employees accidentally starts a fire, it could damage your business, other businesses, and the building. Even though it was an accident, you can be sued for the damages and business interruption, thus incurring huge losses if you don’t have insurance coverage.
• Personal injury – if someone is injured in your office, you are responsible. However, a liability insurance policy can help you cover legal fees, settlement, medical bills, or other damages. Contrary, if someone is injured in a shared area of the building, the property owner is held responsible. It is advisable not to take chances and purchase the right insurance policy to avoid lawsuits and possible financial losses.
The basic coverages in your business insurance policy are a good start to protect your business. However, depending on the type of business and potential risks, you may need additional coverages to your policy. Talk to a business insurance agent to get an insight into how you can protect your business. Our Agency can help you and guide you, give us a call today!