Things to keep in mind if you're renting your business' space

The same way that individuals who lease an apartment are advised to invest in renters' insurance, business owners who rent their organization's location should follow suit. Criminals can rob a rented brick and mortar location just as easily as one that is paid for. Severe weather does not care if a store was bought by its owner or if they are paying on a monthly basis.

Commercial insurance specialists can be of great assistance to companies that are in a temporary location. For example, a comprehensive business owner's policy (BOP) can be suited to meet the individual needs of an organization, regardless of whether or not the owner bought the store.

Business income and extra expenses - such as workers' compensation or general liability - should be accounted for at least a few months' time frame, according to Nathan Brown, an expert in the field. Brown explained to the Southeast Missourian that if something happens that temporarily prevents a company from operating, it can be devastating for those renting. 

The same way that business were affected by Hurricane Sandy or Winter Storm Nemo, owners on a lease could greatly suffer from natural disasters. What if an earthquake rips through a California town where your business is set up? What if you didn't invest in any type of California business insurance because you were sure it wasn't necessary?

Company owners are likely taking numerous precautions when setting up their organization, even if they are just on a temporary lease. Financial documents and employee work forms must all be in order, so why not take the same preparations for the overall protection of the business?

Coverage needs will often be very similar for organizations that are owner-occupied or if they are renting. To guarantee that all bases are properly covered, partnering with a firm that specializes in commercial property insurance can be greatly beneficial.

 

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