Do I Need Commercial Insurance If I Lease My Business Space?

If you rent your store or office in the South Kingstown, RI area, you’re far from alone. Most business owners operate out of a building they lease rather than own, and this makes a lot of sense. Lower startup costs and leaving the landlord responsible for maintenance and repairs means you get to spend more time running and growing your business! 

But does leasing the property mean you’re off the hook for commercial insurance? At Kingston Insurance Agency LLC, we’re used to hearing this question. But contrary to popular belief, the benefits of commercial insurance extend far beyond the commercial property itself.

Run a store or another business where customers and guests are frequent? A good commercial insurance policy helps keep you protected should they become injured while inside your business. It’s important to realize that while your landlord likely has their own insurance policy on the building itself, their coverage does not actually apply to your business operations. 

Likewise, all of your business property (equipment, stock items, etc.) should be covered under a business owner’s commercial policy tailored just for you. You will also need at least some kind of commercial auto coverage for any company vehicles. 

If you have employees, commercial insurance can be crucial when it comes to worker’s compensation. If one of your staff members is injured while on the job (whether on-site or off), you may find yourself having to pay for their medical bills, time off from work, etc. 

At the end of the day, having a good commercial insurance policy may be the key to preventing major losses when disaster strikes. 

Want to learn more about your commercial insurance options and how you can protect your South Kingstown, RI business? Our team at Kingston Insurance Agency LLC is here to help! Give us a call or send us a message today.