When you first open a business in New York, sometimes it is difficult to find a place to operate. If you cannot make it work out of your home, you will either have to build your own storefront or rent. Most business owners start out, at least, by renting. It can help to save on your overall startup costs. Plus, many of the prime real estate locations are filled with rentals, so it is tough to even find open land upon which you could build. With that in mind, when you rent, there are some insurance needs you have to keep in mind.
Entrepreneur suggests making sure that you understand responsibility when it comes to liability. Sometimes a lease may pass on the liability for personal injury claims to you through a clause. If you are not aware of this, you cannot protect yourself and your business properly. You also should be aware that your landlord’s insurance on the property only extends to the building. It will not cover anything inside that you own.
This means you need your own insurance to provide you and your business protection. First, you need insurance to protect your supplies, tools, furnishings and other business property in the event of a fire, break-in or other disaster.
Beyond physical protection, you also need to protect your business and employees from personal injury claims. If a customer falls in your store, you could face a lawsuit demanding you pay for medical bills, lost wages and other expenses. General liability insurance can help you with this. This information is for education and is not legal advice.