Who Covers Storm Damage if I Rent My Office Space?

With the increasing number of severe storms hitting Fords, NJ in summer and winter, business owners may occasionally face damage to their facilities. If you rent your office space, is your landlord responsible for paying for the damage? The answer is only for a portion. You’ll still need to buy storm coverage for your business. Five Star Insurance Agency can help you determine what you need.

Commercial Tenant Leases Outline Insurance Responsibility

Commercial tenant leases usually outline the responsibilities of landlords and tenants regarding damages, including losses from storms. Generally, if your office has physical damage to the walls, floors, etc., the building or real estate company’s insurance policy will cover the loss. At the same time, building management is also responsible for providing a safe place for you to work. Landlords are also responsible for damage incurred from flooding.

What are My Responsibilities?

Tenants are usually responsible for any fixtures and fittings added to the rented space. You’ll also be responsible for ensuring the equipment your business owns and any inventory stored in the facility if you sell items to the public. You have several options when protecting your business from storm damage in a rented property.  A content policy is one option. You can also customize a business renter’s policy to provide storm protection for your business. If your rental space suffers severe damage, you may not be able to operate for weeks or months until repairs are made. Consider business interruption insurance to replace lost income during this time.

If you are unsure of what policies you may need to protect your business from storm damage in a rental space, Five Star Insurance Agency, serving Fords, NJ, can help. Contact us to get started on insurance customized to fit your needs.