Your Responsibilities as a Tenant

3/19/2020 (Permalink)

Office space flooded in Hamilton, OH

When you rent part of a commercial property for your business in Hamilton, OH, the bulk of the responsibility for the building lies with the property owner. You still need renter's insurance, though, to cover you in the event of a storm or other disaster. While repairing the building itself falls to the owner, your coverage compensates you for the losses for which you are responsible.

Equipment Loss

A storm that floods your business can destroy or damage anything in the building. Think about the equipment you need to run your company:

• Computers
  
• Copiers/printers
  
• Production machines
  
  

Flood restoration specialists can often save your machines, even after a flood, but these services cost money. Your landlord's insurance coverage does not extend to your equipment, so you will need a policy that protects you.

Document Recovery

Ideally, your important records are digitized and have cloud backup. You likely have a few hard copy files, though. When the building where your company is located floods, your files can get damaged. You need renter's insurance to cover the cost of drying them out and saving them, if possible.

Temporary Relocation

Sometimes it takes a few days or even weeks to fix the damage to the building you rent. Rather than shut down your business for that period of time, you may need a temporary place to set up shop. Your insurance coverage may be able to compensate you for the cost of relocating your business while the building is being repaired. Communicate frequently with your landlord to get updates on the progress, and keep your provider informed of the timeline of the restoration process.
Even if you don't own the building where your business operates, you still need insurance to cover costs related to flooding. Renter's insurance is a necessary expense for business owners who rent their office space. The relatively small monthly premium can save you a lot of money in the event of a disaster.