Frequently Asked Questions
Do I need to have coverage if I just lease space and I do not own the building?
As a tenant, most leases require you to carry coverage for the glass as well as any tenant improvements made to the inside of your space. Even if your landlord does the work as part of your lease, it is usually required per your lease that you insure it should there be a loss. By covering it on your policy, you can insure that your space will be built back to the way you need it to be to run your business.
Is there coverage to pay for lost income while my business is shut down & being rebuilt after a covered loss like fire, etc?
Yes, you can purchase Business Income and Extra Expense Coverage. Business Income helps to replace the lost net income while your business is closed after a covered loss. Extra Expense coverage can provide for setting your business up somewhere else so you can operate until your location is repaired or rebuilt. It will also include the cost to equip the new location for your business and moving costs to move you back to your old location when ready.
Do I need Commercial Property coverage if I run my business out of my home?
Maybe. Most home insurance policies have maximum coverage limits for business property in your home. Your home insurance company may allow you to increase that coverage or to add an endorsement to cover your Home Based Business. You can also purchase separate Commercial Property Insurance to cover your business contents, stock, machines, etc.