No matter the size, location, or cost of your office rental space, it is crucial that your business is covered. In most cases, your building will be covered by the landlord, but your business’ assets are not. All of the information that you store for yourself and your clients are your own responsibility in the case of an accident.
What Coverage Do You Need?
As a renter and a business owner, there are a few types of suggested insurance that you should obtain when you are renting an office space.
There are three main forms of insurance that will keep your business and your assets protected at all times.
Most business owners are under the impression that their building owner’s insurance will cover their property, but this couldn’t be further from the truth. Your business’ belongings will only be covered with property coverage.
What Does Property Coverage Protect?
Property coverage or business property insurance covers your business’ property in the event of a fire, theft or vandalism. This insurance plan will also cover the cost to rebuild or repair the property that was damaged or stolen so your business can operate with little to no disruption.
Additional Property Coverage Options
With this type of insurance, there are some plans that you can add on for extra protection. Some of the extra coverage you can add on are:
- Undamaged Stock Protection – This protection plan covers goods that can no longer be sold or marketed because of damage or theft.
- Data Protections – If your data is lost or corrupted, this plan will provide relief while you work to get it back.
- Computer Virus Protection – If a virus corrupts your business’ system, you will be protected under this insurance.
- Intangible Protection – This plan covers ideas, patents, and trademarks that fall victim to damage.
- Off-premises Property Protection – If your business often hosts trade shows or exhibits, you will be protected at these locations as well as your main location.
Liability insurance covers your business in the case of a customer or client becoming injured on your property. If a customer were to be injured on your property, this insurance would reimburse them for medical bills and expenses related to the injury.
Types of Liability Coverage
Liability insurance is not the same for every business. There are many kinds of liability insurance that are better suited for some businesses over others. For more information on choosing the right liability coverage for your business, contact a local insurance agent.
General Liability Coverage
Most small businesses fall under general liability insurance. General liability insurance covers:
- Property Damage
- Bodily Injury
- Medical Payments
- Defense Costs
- Personal & Advertising Injury
Business Interruption Coverage
If your business suffers financially after an accident, business interruption coverage can help keep you afloat. For example, say if your office was burned down, and you were forced to relocate, but major clients in your business decided not to follow, this insurance would reimburse you for your loss in profits.
How Does Business Interruption Coverage Work?
Because your insurance company cannot predict your future as a business, they will take a look at your financial history. They will factor in business expenses and come up with an amount that best suits your business.