Small business insurance protects your cash, time, and resources against damages beyond your control. This kind of coverage will give critical monetary assistance to your company, so you can continue to run even when you incur a major loss. It is vital for any entrepreneur to get an affordable small business property insurance.
A good way to get started is to check with your local real estate attorney
to determine whether you require a business property or land lease. Most states require that you get a lease before you can legally use the real estate. Your lawyer will let you know whether a lease is required under state law. If you have a lease agreement, it’s also important to note that some states have laws which prevent a lessee from deducting his expenses from the lease, like utilities, repair, etc. If this applies to you, be sure to get a written copy of your agreement before you sign.
As for the property lease terms, there are two different types: long-term leases and short-term leases. Long-term leases are usually for a minimum of one year, but can sometimes go up to ten years. The main advantage of a long-term lease is that you won’t have to worry about expiring your liability insurance coverage. But as with all types of real estate leases, there are many pros and cons associated with them.
You need to get in touch with a qualified small business property insurance agent to discuss the best insurance options for your company. They can offer you a full inventory of the pros and cons associated with each option so you can make an informed decision. There are several advantages to a short-term lease, including the fact that there are generally no legal penalties for ending the contract early, unless you breach the lease terms.
Most people automatically think of liability insurance when they think about property insurance.
Unfortunately, there is another type of coverage that is important whether you are working on a small scale or a large scale. This coverage pays for property damages and injuries caused by employees, contractors or others who work under you on a regular basis. The best way to find out if you need this type of coverage is to talk to your insurance agent. He or she will be able to give you an honest opinion.
With business property insurance, you have many choices. For example, a building coverage policy usually covers equipment, fixtures and machineries used to operate your business. It also covers personal property owned by you, such as furniture, computers and other electronics equipment. In addition, it may cover other items such as boats, RVs, motor vehicles and motorcycles. If you run your business out of your home, you might need coverage for contents, which can be purchased separately.
- Property damage and liability insurance are both extremely important when you own a business.
- When a customer or client suffers an accident on your property, you could be held responsible.
- Without this coverage, you may be sued for medical bills, pain and suffering, and even lost earnings.
You may also have to replace the property and pay for its repair, which can be very expensive. A liability policy can protect you in these situations as well.
These are just a few of the possible types of coverage that you may need. To learn more about insurance coverage for your business, contact an insurance agent today. You may be surprised at the options that are available. Learn more about liability insurance and buildings coverage for your personal or small business.