When renting any type of space, there are two factors to consider. First, you need to consider what type of insurance coverage the current property owner has. In nearly all cases, you will not be protected as the tenant in a commercial business property through the owner’s policies. That means that you need to have your own policy that provides ample protections for the risks you, in particular face. Luckily, it is often possible to find an affordable policy that meets all of your needs for your commercial business in Coalgate, Oklahoma.
Define the types of insurance you need. This will change from one business to the next, but often includes commercial property insurance. Though you do not have to protect the building itself, your business’s equipment, assets, inventory, and other items are not protected. By having proper property insurance, you can reduce risks to your bottom line should something happen to your business. This can be very important in a retail space where a lot of inventory is kept.
Aside from property insurance for your assets, you also need liability protection. In some cases, the business is held responsible for accidents, injuries, and illnesses occurring in their business. For example, if a customer falls because of your wet floor, this could be a liability issue that your business must handle. It is not one that the property owner will be responsible for.
Ultimately, it is best to work with an independent agent to help you to find the commercial insurance right for your specific needs. Every retail establishment is different, but there is rarely a time when you should go without proper protection and a BOP policy for overall coverage of your assets. Discuss your options with your agent.