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Many of today's small businesses don't own the building they operate in. Rather, they lease it. This is very common because of the lower cost associated with leasing over property ownership. However, this doesn't negate your need to have comprehensive business insurance that keeps your company financially sound should an event occur that impacts business property. Do you have the right amount and type of insurance to meet your company's needs, even if you lease your workplace?

What Type of Business Insurance Do You Need?

If you have leased property, the owner of the building will generally take care of having ample property insurance to protect the building itself. However, the owner's insurance policy protects his or her own interests, not yours as the leasing tenant in that space. That means you need to take steps to ensure your assets are covered even if the event will impact the building itself. For example, if there is a fire, your business' inventory may be at risk, along with the building you work in.

It's important to think about the actual risks you face in these and other similar situations:

  • You should protect your equipment, especially if it is valuable and necessary to keep your business operational.

  • Protect your electronics and computer systems, including any components related to keeping financial data safe.

  • You need insurance that covers your business from liability risks should someone slip and fall, or otherwise be hurt while visiting your property.

  • You need coverage for fixtures and other components within your location.

  • You should protect against loss to your inventory.

These are just some examples of the most common types of business insurance that may not be protected under the building owner's insurance plan. You should have ample and specific business insurance that helps to secure these types of assets and risks for your company individually. It is also a good idea to discuss insurance plans with the building owner. What is and is not covered? Your sign out front might not be. That sidewalk may be. The more information you have about the types and amounts of coverage you have, the less risky it is to keep your business operational.

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