Are you performing daily business out of a rented space? Whether it is a warehouse, office, garage, or factory, you need business renters insurance. Other business insurance policies you have may not cover rented property. The coverage of your rental insurance should be unique to your business and the area you are in. Make sure that the policy covers risks including accidents, damage, and natural disasters. 

When deciding on a policy, a business owner has to consider the industry they are in. Different industries have different risks involved. Going with an insurance company that specializes in your specific trade will help you narrow down the policy that is right for you. Other considerations are the size and location of your business. Is it a large office on the top floor? A small warehouse in a flood zone? Acknowledging all factors will help secure your business in case you need to rely on your rental insurance.

Business renters insurance will cover equipment, supplies, and materials if they should get damaged in the building. Not having a renters insurance policy could ultimately make you lose your business in the case of a fire, accident, natural disaster, or even theft. Paying out-of-pocket for damage to equipment, machinery, computers, and servers is extremely costly. Renters insurance will help repair and/or replace items in the case that your equipment is damaged. 

As a business owner, you have the choice of two common types of business renters insurance. The first is a Replacement Cost Value Policy (RCV). This will cover the entirety of replacing and/or repairing items if they should be damaged or stolen. An RCV will come at a higher premium but you will spend less on replacements.

An Actual Cash Value Policy (ACV) will reimburse you for your items at their current value. This means that the cost of depreciation will be taken out. Although you get less of a reimbursement, the premium is lower.

Speak to an agent today to discuss what coverage you need and which type of policy is right for you. Don’t hesitate when it comes to protecting your business and the rental property that it resides in.