Landlords do maintain building insurance but will require Tenants who are leasing office space to have General Liability and Content Insurance with a particular dollar amount of coverage in a policy including but not limited to an umbrella and per occurrence. Even just across the Tampa Bay office space market, Landlords can require a vehicle [whether the company owns the vehicles or not] and fire insurance, let’s focus on the most common which is General Liability and Content Insurance.
What Is the Definition of General Liability Insurance?
- General liability insurance can assist cover medical bills and attorney fees incurred as a consequence of physical injuries and property damage for which your firm may be held legally liable. In most cases, General Liability Insurance plans will protect both you and your business from claims involving personal harm and property damage originating from your activities, services, or goods. It may also protect you if you are held accountable for your landlord’s property damage.
- By paying for legal fees, financial losses, or settlements up to the policy’s maximum for covered claims, general liability insurance protects the assets of your company. Despite your best efforts, accidents might nevertheless occur in the course of business. For example, a client stumbles on a damp floor and is wounded. Your product fails and causes harm to a customer’s property. Your commercial is allegedly violating the copyright of a rival. These are just a few of the mishaps that might lead to claims and lawsuits against your company.
General Liability Policies often include:
- Premises liability insurance protects you against the costs of injuries that occur on your company’s premises.
- Product liability insurance protects you from the consequences of property damage and personal injury.
- Injury brought on by your services or products to individuals.
- Coverage for personal and advertising harm liability provides a defense against the costs associated with problems that result from your work, such as defamation, libel, unlawful eviction, copyright infringement, and more.
What Is Content Insurance?
Business contents insurance allows organizations to replace or repair their items if they are destroyed. However, most insurance plans refer to it as personal property coverage. If your personal things are stolen or destroyed by a covered risk, such as a fire, contents insurance can help pay to replace or restore them. Office contents and equipment insurance is essential for every business, protecting computers, laptops, or more advanced gear, papers, and cash which content insurance covers.
During the negotiation process of your lease, you will want to send the insurance requirements you receive from your Landlord to your insurance agent who can provide the necessary Certificate of Insurance or COI. COI’s are required to be submitted to the Landlord prior to a Tenant’s occupancy.
