What insurance do I need renting retail space?
I will be renting retail space in February. What kind of insurance coverage do I need? I've heard and read about renter's insurance, liability insurance, business insurance and I'm getting confused. Can someone please break it down for me? Thanks in advance.
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Answer by mbrcatz
It's up to your landlord.
Typically, they want commercial general liability, and they may or may not require you to carry glass coverage for your space. They might require you to carry property coverage for your inventory, too.
Before I break it down, you can't buy this yourself - you HAVE to use an agent, or call a direct writer and talk to THEIR agent. You cannot buy business insurance over the internet.
Renters insurance, is typically a tenant homeowners or HO4 policy, for the apartment you rent. It's NOT for commercial/business use.
Liability insurance, is a type of coverage that's found on renters insurance, and business insurance - and homeowners insurance, all of which are PACKAGES.
So, business insurance, is a PACKAGE, meaning it offers several different types of insurance, like liability, property, business income, sometimes auto. You can usually buy these coverages "cafeteria style" depending on what your exact lease requirements are.
Your first step, is to get a copy of the lease insurance requirements, and then you'd want to talk to a local agent about getting quotes.
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