Once you’ve found an office space for your business, it is important to address insurance requirements. Below are some tips I pulled together to help you identify your business insurance needs.

As you begin discussing a lease ask your landlord early on what types of insurance coverage are required. A lease will often have specific language spelling out the amount of General Liability coverage needed. There may be a specific requirement to name the landlord directly on the insurance policy. In addition, a landlord may also ask to see a certificate of Workmen’s Compensation insurance, which is required by law.

Once you know the requirements of your lease, contact an insurance provider (if you need help we recommend NetQuote.com) and be prepared to provide key information including:

• A description of your business and the number of years in business
• The reason for insurance (provisions in your lease)
• Information about your new building (address, year it was built, number of floors, etc.)
• A list of your business equipment, inventory and furnishings with estimated values

You should also take the time to review other insurance options including, an Errors and Omissions policy. This type of policy protects your business in the event that a client holds you responsible for a mistake, or failure to perform a service as promised in a contract.

Drop us a line if you have any questions or want even more specific advice.