Why Rental Insurance Is Necessary
Many businesses rent rather than own their office or warehouse spaces. While the owners of that property may have some insurance, it is important that leaseholders also procure their own Orlando commercial rental property insurance.
Renters insurance can provide many of the same benefits as property insurance. It protects against damages incurred through a covered cause of loss such as vandalism, theft or fire. These policies not only safeguard buildings, but can also cover loss of inventory, equipment, and some personal belongings.
While it may be possible to easily obtain a new leased storefront, it could be difficult to operate a brick and mortar business without supplies, furniture, and salable items. A sufficient insurance policy geared towards business rental properties can often help a company recoup the costs associated with covered damages. An organization without the proper coverage may find it difficult to maintain its daily operations as it will have to cover any restocking and construction costs through its own funds.
A business owner who rents a working space should never assume that the owner of the property has sufficient insurance to cover unexpected circumstances. Doing so could be financially detrimental as it is possible that an owners policy only covers damage to the physical space. An Orlando commercial rental property insurance policy may help cover any holes left open by the property owners insurance policy.