Property Insurance For Rented Storefronts

  It’s is often a wise decision to rent your business’s office or storefront, given that you don’t have to take on the full responsibility of ownership that comes with buying it outright. However, renting does not mean that you don’t have to buy property insurance for your company. Rather, it’s essential to tailor your benefits to the liabilities you face by operating in a rented space.

You need your own property coverage for the essential fact that your landlord’s property insurance won’t cover your own commercial possessions housed within the rented space. As a result, you should consider your own property insurance as essential to your own plan for success. 

Property Insurance for Owned Assets 

You might not own your office space, but you own all the assets housed within, and they’re critical to your business’s overall success. Your property insurance is therefore an essential piece of protection for these items. Usually, it will cover: 

However, normal wear and tear, damage due to neglect and damage caused by flooding, earthquakes or similar niche hazards will not have coverage under most plans. Therefore, be sure to work with your insurance agent to understand exactly where your policy both starts and stops. 

Maintaining Your Coverage 

You probably have plans to grow your business. Therefore, you will likely accumulate more property assets and continually upgrade or replace existing systems. Whatever changes you make to your assets will change your overall property value, and therefore might merit changes to your property insurance. 

Enlist the help of your business insurance to determine exactly what changes to your property coverage you need to make. For example, whether you are simply upgrading your existing computer system, or buying a significant amount of new hardware, the value of your property will likely increase, and you need to update your property insurance appropriately. 

But remember, property insurance is just part of your business’s overall commercial insurance portfolio. You will also likely need general liability insurance, business interruption coverage, workers’ compensation insurance, commercial auto insurance and a host of other policies that, when combined, will offer you optimized protection in all facets of your operations.