If you are a small business owner starting your search for commercial real estate as either retail space or a professional office, this is the time to acquire insurance policies that will keep your business prepared for any sort of physical or financial setback. But before you can decide on which business owners policy will best suit you, you’ll want to find the best commercial property for your type of business.
Whether you’re looking for medical office space, an industrial warehouse, or restaurant space, finding the right commercial space with a prime location for a great price can be a hefty task for a small business owner to take on alone.
Business owners should consider using a company with an online catalog of commercial buildings and for easy access to available property listings from all over the country. The search for a commercial warehouse for rent becomes much more efficient this way, and with companies like Warehouse Spaces doing the heavy lifting on your behalf. They have a team of specialists that keep listings up-to-date and doing all the communicating and negotiating with property owners in order to ensure you receive the best deal.
Other companies that directly represent warehouse and professional office space owners can be susceptible to conflicts of interest, and this means potential tenants or buyers may not be the priority. For a small business owner, this can be detrimental in finding affordable office space or a warehouse that fits all of your company’s needs.
Once you’ve found the perfect downtown office, shop space with a great location, or even a small warehouse that’s just the right sqft for your company’s shipping and fulfillment, the next step is finding the right commercial insurance for your business practices and industry. It is important to know the difference between each type of commercial insurance and know how much coverage you will need for each type of policy.
A small office or small SF warehouse needs different policies and coverage than a commercial office for a corporation, a large retail space for a corporate supplier, or an executive office with a large client-base and many employees. Many times business owners or professionals will overlook the importance of purchasing insurance or having enough coverage, only to severely regret this decision once disaster strikes.
Public Liability Insurance
Personal Liability, also known as general liability insurance, protects you and your business in the case of claims of injury made against your company’s practices by the public or another business. If a customer slips in a puddle of water that wasn’t cleaned up in the restroom, there is a possibility they will try to sue for personal damages. By having this insurance policy your business won’t be blindsided by a freak accident such as this. Any situation where a customer or other member of the public receives bodily harm within your place of business, and you are found to have been negligent in your ability to maintain safe conditions, Civil action may be taken against you and your business.
Some factors that affect your premium are business location, industry, size, and claim history. If you have had business insurance through another company, and you have a history of consistent insurance claims, this means said company, or any other future commercial insurance companies may raise your monthly premiums.
Professional Indemnity Insurance
This form of business insurance is for companies that provide services. This commercial insurance is not for claims of physical damage to a person or persons, but it protects your business in case of claims of financial damages caused by alleged omissions and acts of negligence while dealing with a client. Think of this as something like malpractice insurance for a doctor or lawyer.
iSelect insurance describes examples of professional indemnity as the following: “Whether it’s providing bad advice, failing to hit a required deadline, making a misdiagnosis, or forgetting to file a document, these small actions can sometimes cost a client a lot of money, or impact on their health.”
Your premium for this insurance policy is impacted by several factors: Type of client, size of your liability and potential damages, legal requirements of your industry, and the number of people you employ.
Cyber Liability Insurance
This commercial insurance is for a modern business issue that is on the rise: cybercrime. Acquiring cyber liability insurance is crucial for any business owner today. This policy will cover your business for any expenses or legal costs of cybercrimes such as data breaches, extortion, and even crisis management costs to repair your company’s reputation following an incident.
If you rent a small office suite in a larger commercial building and have a limited client-base, you wouldn’t need as large a policy compared to a corporate executives’ office where they handle huge accounts for major clients and affiliates. The potential for loss at the latter is much larger, so their premiums and coverage would need to reflect this.
Personal Accident Insurance
This commercial insurance is for yourself and your employees, and it ensures said policy-holders are taken care of in the event that they cannot work. If you are injured or fall ill, this policy would provide you with weekly payments to cover your lost income during this time. While there is a wide variety of personal injury or illness claims this policy will cover, there are also specific cases they cannot cover such as pre-existing conditions, pregnancy and birth, suicide or self-harm, and mental illness.
Similar to workers’ comp, this coverage gives you and your employees peace of mind that you are prepared for any unforeseen circumstances that may happen outside of work, and the payout will cover any living expenses you may have during these times.
Setting Your Business Up For Success
When you first take the leap of starting your own business, the journey can be intimidating and you may not know where to begin. Finding a modern office space for your start-up, a spacious warehouse for your auto repair shop or even cozy commercial office space for your family-owned life insurance company can easily be done within your budget with the help of a company such as Warehouse Spaces.
Then, acquiring the right amount and types of coverage for your business through insurance specialists such as iSelect will give you a cushion of preparedness and save you money in the long run. Even though it might not seem major, not settling when it comes to your business’ insurance and location are crucial to the start of your success.