Your Essential Guide for Making the Right Decisions About Insurance

If you rent or lease a commercial property that you operate your business out of, then you might have different challenges and concerns than someone who owns their own commercial property. You might not really think that you need commercial property insurance when you rent, however. This actually is not true for most businesses and business owners, so if you haven't yet explored the option of purchasing a commercial property insurance policy, then you could be making a pretty big mistake. These are some of the reasons why you do still need commercial property insurance when renting.

It Might Be Required

For one thing, you should be sure to carefully check over the lease that you have signed with the commercial property owner. If you haven't yet signed a lease contract, such as if you are planning on moving your business to another location or if you are just getting ready to open your business, then you should carefully read over the lease contract before you sign it. Many commercial property owners who rent to business owners require those business owners to have commercial property insurance. They might even require you to have a certain amount of coverage. To make sure that you don't violate your lease contract, make sure that you purchase the insurance policy that is required by the property owner.

Your Landlord's Insurance Won't Cover Your Business

Your landlord might have commercial insurance on the building that you rent from them, but you should know that the insurance only covers their property. It does not cover anything that belongs to you. Therefore, even if your landlord has insurance, this does not mean that you shouldn't take action to protect yourself and your business.

It Offers Coverage That Can Help You

You might assume that commercial property insurance only covers the building, fences, and other similar structures on the property. However, this is not true. Most of these policies also cover things like your company's expensive equipment, any inventory that you have in stock, and more. 

It's Often Affordable

As a business owner, you might always be worried about the expenses that go along with maintaining and running your business. You could be concerned that purchasing commercial property insurance is going to be expensive, which might be one reason why you have not done it yet. However, there are commercial property insurance policies that are actually quite affordable, so protecting your business might not be as costly as you think.