If you have a commercial lease, you must have a liability policy to protect you from financial loss. Accidents can occur at any time and take many forms. When you have a business, it’s important to make sure you are prepared for every situation. If something that has to do with your business causes damage to the building you are leasing, it will be up to you to cover the expense of repairing or replacing it.
Protecting Your Investment Through an Appropriate Liability Coverage
Having a liability insurance policy in place will not only cover the cost of repairing the damage it will also protect your financial investment in your business. Protecting your investment should always be your top priority, no matter what type of business you’re in. When you first start your business, you will need to assess how much risk potential there is for your business. With that in mind, the next step is to have a commercial liability policy in place.
Having a BOP
A business owners’ policy is essential because it combines all of the different types of policies that you will need as a business owner and operator. This includes property damage coverage, personal liability if someone is injured on your property, peril coverage, and possibly an umbrella policy to take care of additional payouts that may be required over and above your traditional policies.
Business Interruption Policies
Business interruption policies are also a good insurance policy to consider. If an accident or other event occurs that results in your business stopping functioning for any length of time, you need to have coverage that will support you during the closure. Business interruption policies are quite beneficial when you go from having sustained income to no income at all. Business operations can be interrupted for many different reasons.
Liability insurance is an essential part of owning any type of business. Talking to a reputable insurance agent is the best way to ensure you have the coverage you need as a business owner. Call Nick Agliato at Steve Wilk Insurance to learn more about liability policies that will protect you if you have a commercial lease. He can be reached at nickagliato@wilk4800.com, or you can visit the office at 310 S Main Street, Suite C, in Lombard, IL.