Many companies choose to operate by renting space, which can be a quick and feasible solution to hit the ground running. Even though some owners may not enjoy the various limits this arrangement provides, it still allows you to generate revenue minus the persistent responsibility of a mortgage and taxes. If you are renting a storefront, shop, or office, your business renters’ insurance is one of the most sensible ways to help you protect it. 

Many small business owners can attain this type of coverage with a Business Owner’s Policy. Here you can bundle three very crucial types of coverage that are needed for the efficient and legal operation of many business types. They are as follows:

• General liability insurance
• Commercial property insurance
• Business income insurance

Adequate + Protective Options for a Rental Property:

If you have decided to generate revenue with a rental property, a Business Owner’s Policy can offer you practical protection. A business renters insurance policy also includes commercial property insurance, adequately making provisions for commercial renters insurance coverage. Here are some of the events this type of coverage can protect you from:

• Fire
• Theft
• Lawsuits
• Loss of revenue post-property damage occurrence 

Commercial Property Insurance:

This form of coverage protects your space and the equipment used during daily operations. It is one of those coverage types that many new proprietors think they can do without at first, and if something bad does happen they stand to suffer extreme consequences! Here are the elements that you can expect to be protected:

• Tools
• Equipment such as Bobcats, Snowblowers
• Inventory
• Furniture
• Personal property such as laptops
• Valuables stored in your safe

If you undergo a fire, theft of property, or other covered loss at the location you are renting, this policy will help pay for replacements and repairs. It can be confusing to categorize which type of coverage will help you in different scenarios. If you have a flash flood that damages your business, it would be a commercial flood insurance policy offering your much-needed protection.

Business Income Insurance:

This is a very beneficial type of coverage that will help replace lost income if your structure is too damaged to carry on. Theft, fire, hail, and tornadoes are some of the factors that could be fierce enough to shut you down. Every season can offer up its own form of tough adversary that can take its toll on your ability to operate. While you are undergoing repairs such as roof replacement, flooring, painting, or framing, this coverage will provide you with the income you weren’t able to generate. These types of losses are what keep business owners awake at night, and this variety of coverage is a true anchor in times of dire need.

General Liability Insurance:

This type of coverage protects your business against those who claim that you impose property damage or bodily harm. It is a category of coverage to take seriously, as these types of claims have drastically risen over the last two decades. If a customer happens to slip and fall in your business and get hurt, this coverage will aid them in assistance with medical bills. The most common scenario owners imagine is someone slipping on ice or having an item fall from a shelf to cause damage, but there are many ways a customer can inadvertently get injured. 

What factors govern my Small Business Renters Insurance Rates?

There are many different types of small businesses out there: you may operate a delivery service, provide counseling, accounting, landscaping, or any other range of services. Even a traditional storefront with groceries and other goods still should be properly covered for events beyond their control. Here are the factors that an insurance company uses to determine what your cost will be each month:

• Claims history
• Location
• How much your equipment on hand is worth

All of us here at the Alexander Insurance Agency of St Charles know you are working hard to keep your passion for your business alive and a steady customer flow! Even the smoothest of workdays can provide multiple surprises. We’ll assist you in finding what works best for you, and provide you with the peace of mind that no emergency event can leave you empty-handed. To learn more about your options for business renters’ insurance, contact us today!