You’ve found the perfect rental space for your business: prime location, low utility costs and ample space, all for a rental price that’s right on the money. But have you considered what property insurance you need?
To protect their property and shield themselves from liability, lessors can stipulate the types of insurance tenants must purchase. The result is that businesses sometimes get saddled with expensive or hard-to-find coverage.
Before you put your name on the lease, make sure you carefully review the details with a legal representative and ask yourself these important questions.
- Will you need the coverage prior to moving in?
Some landlords require your coverage be activated beforehand.
- How much insurance coverage is needed?
Landlords may dictate that your coverage limits reach a certain amount. Be sure you know how much.
- Do you need to present proof of insurance to the landlord?
This assures lessors your coverage is in place.
- Do you have the necessary coverages in place?
Commercial general liability, commercial property, workers comp and business interruption coverage are crucial for any business to have. You can get them all in one place with Society.
Are you a rental property owner? Then protect your space with our tailored landlord insurance, which covers outdoor property as well as liability for tenants’ property. To learn more about Society’s comprehensive policies, contact a local independent Society agent.