When a company rents office space, it’s important to have Office Insurance in OH. Although the landlord or property owner is responsible for insuring the structure, a separate business insurance policy protects owners from losses related to accidents and liability. In many cases, landlords require commercial tenants to have insurance, and a BOP (business owner’s policy) may be a good place to start. Read on to learn more about commercial and office insurance.
Typical Coverage Included in a Business Policy
- Property coverage: It may reimburse the business owner if office equipment is damaged during a loss such as a fire or theft. While a landlord’s policy may cover the building, the owner’s insurer can pay to replace damaged electronics, furniture, and employees’ belongings.
- Liability coverage: This type of insurance protects businesses from legal liabilities. It’s commonly referred to as slip-and-fall coverage. If a customer is injured in the office, the liability portion of the policy can repay them for their medical bills. It can also pay for lawsuit damages and legal costs if an injury occurs due to a business owner’s negligence.
- Interruption coverage is intended to cover a company’s continuing expenses and net profits for a predetermined time following a covered loss. For instance, if a fire damages a rented office and the company has to relocate, but it loses some big clients, business interruption insurance covers the decline in profits.
- Depending on the policy, its extra expense section may cover costs such as additional rent or higher utilities after an office relocation. Consult an insurance agent for coverage details.
Additional Coverage May be Required
The basic coverage types included in a business owner’s policy are a great starting point for business protection. Depending on the company’s type, it may need additional Office Insurance in OH, and owners should consider purchasing extra coverage types. A local agent can suggest the right coverage to protect a business and address its needs.
If a company owner needs to decide what type of insurance they need before signing an office lease, they can count on local insurance agents for help and advice.