Many business owners operate in a rented workspace. However, renting does not mean you have ample protection through the property owner's insurance. It is essential to maintain your own commercial property insurance.
This coverage protects your business itself. It can help to ensure that your business has coverage for most types of losses.
This is critical because your landlord's property insurance does not protect your business specifically. So, consider the types of business insurance necessary here.
Protecting Your Assets
Commercial property insurance provides financial protection for your business' assets. These may include:
- The interior of the building you are responsible for
- The inventory you keep
- Your furnishings
- Your computer equipment
- Any other assets you own and store at your location
- Certain personal belongings you bring to work
Your policy usually does not help the property owner if there is a fire, theft or other damage. They will need to use their own insurance for reimbursement. But, commercial coverage will help your business to recover from this type of loss.
Your insurance policy's maximum coverage should match the value of these assets. Be sure the maximum coverage is enough to protect your company.
Types of Coverage Provided
Commercial property insurance covers you when unintentional and unavoidable incidents occur. There are many types of incidents covered. Most commonly, this includes:
- Fires
- Theft
- Vandalism
- Natural disaster
- Accidents resulting in property loss
Again, this policy only protects your assets. It does not provide coverage for the structure itself. That is most often the responsibility of the property owner. Be sure your contract with the property owner outlines this. Check to see that they also have insurance protection.
Keep Your Policy Up to Date
Your business will see assets come and go. You may get new equipment. Your company may need to add more shelving. Or perhaps you'll install a new computer system can be very expensive. Each of these asset changes add to the value of your business. Enlist the help of your business insurance agent to see if you need to add to your policy. And if you are storing very high-priced items in your location, let your agent know. You may need a special insurance policy for those items.
Commercial property insurance is not all you need, particularly if your office is a retail location. Most businesses also need to consider liability insurance. Workers compensation coverage will be necessary if you have employees. And you may need cyber risk coverage as well.
Your Bruening Insurance agent can give you specific information about the policies that are the best fit for your business. Keep in mind that protecting your company is a must. Any storefront needs comprehensive protection. Therefore, you'll probably need multiple types of insurance.
If you have questions or would like to get started, contact Bruening Insurance today.