If you pay rent for the office or building your business is located in and you have customers or anyone else coming into your office, you need renter’s insurance.
Many renters are under the assumption that if they are in a rented building, they are protected under the landlord’s insurance policy. This is only partially correct. Most insurance policies held by a landlord will cover damage to the structure of the building and very limited coverage for certain types of negligent situations (ex. who is responsible for treating an iced sidewalk?) If the sidewalks weren’t treated and an employee slipped and fell, the policy might provide coverage for any medical bills.
Coverage for personal belongings that may be damaged is not provided to renters under the landlord’s insurance policy. Injuries that occur to guests and even damage caused by other renters may not be covered either under a landlord’s insurance policy. However, these situations would be covered under a renter’s insurance policy.
Three Key Types of Business Renter’s Insurance Policies
1. Liability for you concerning the public or employees. If a visitor or an employee is insured or suffers any property damage while on your property, you are protected from any lawsuit that could occur.
2. Property and building policies cover any damage you, your guests or employees may cause the business rental property.
3. If a piece of equipment you own causes damage to your rental property, that damage is covered and you are covered in case of any lawsuit.