12 Dec Does Business Insurance Cover Rental Property?
Understand your business insurance coverage.
As a business owner, have you thought about what would happen if a fire were to break out and burn down your commercial rental property? What about if a thief breaks in and takes laptops and inventory? If you are renting out a space for your small business to operate, then you’ll need a commercial property insurance policy. It’s important to make sure this policy covers the contents of the building – the very fabric that allows your business to operate.
What does commercial property insurance cover?
Property insurance coverage helps to cover incidents such as fire, vandalism, damage from weather conditions, and other common perils. A standard policy will be able to cover items such as your office equipment, electrical goods, inventory, records, manufacturing equipment, and other valuables. Keep in mind that there are limits to this coverage so it’s worth ensuring that you have enough to replace your business’s belongings.
Do I need this coverage even if I rent?
Even if your business rents a commercial space, it is your responsibility to protect your goods from damage. When and if an accident does happen, you’ll be pleased that you took the time to secure reliable coverage so that your business can get back on its feet. It’s worth considering additional coverage, too, such as business interruption insurance. If the rental property gets destroyed, this coverage can help cover the expenses and lost profit after a disaster that halts your business temporarily.
When you’re looking for reliable business insurance coverage for your rental property, visit the team at Doughtery Insurance. We offer quality commercial insurance for business owners across Illinois, Wisconsin, and Indiana.