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Thanks for making it easy to find the cheapest renters insurance. Knowing our stuff is always protected gives me peace of mind.

Matt and Bethany, Charleston SC

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Office renters insurance is very much the same as any other kind available to renters. It provides coverage for the individual who rents the property of another, for the purpose of conducing business. The major difference between this and any other type of protection for renters lies in the kind of use to which the rented space is being put. An office will have some of the same kind of belongings in it as a home would, and some that are peculiar to commercial activities. There would be furniture such as chairs, desks, a couch, a refrigerator, lamps, and even rugs and paintings and art work of relatively high value.

In its standard or most basic form, office renters insurance offers renters similar liability insurance coverage as any other homeowners coverage such as monthly renters insurance. Renters of office space, however, typically have larger numbers of persons entering the property than do homeowners, and for very different purposes. These will be business associates, colleagues, employees, and members of the general public, and not just friends, family or loved ones.

The term office renters insurance is sometimes used to indicate the kind of protection a person purchases, who owns a commercial space that is then rented to another for use as an office, retail space, or other commercial initiative. That person has the same obligations to tenants, whether a homeowner leasing on a small scale, or a largescale commercial enterprise.

Specific Office Insurance Considerations

Generally, it would be a commercial enterprise that rents spaces in which to conduct the business of an office. Whether this is a large or small business doesn't matter, except in terms of the numbers of people who might be on the property at any given time. The prices charged for the insurance for such a concern would be higher for the larger business just because the more people there could be present at any one time, the higher the probability that an accident will occur in which property could get damaged or someone get hurt. This will determine the level of office renters insurance required.

The office will have need also for insurance that provides coverage in the case of catastrophic loss of data essential for the conduct of business. The company providing the renters insurance might conceivably require that the business purchase coverage that addresses that particular possibility. The kinds of equipment, raw materials, or other supplies being stored on the property, could also have implications for cost and other storage or protective measures for which the insurer will require specific listing. Hazardous materials of any kind, for example, would require specific listing and coverage because of the different risk for injury or damage.

It also matters, for these purposes, the kinds of activities that are being conducted on the premises. If customers or clients gather in groups for activities such as dancing or sports, the liability coverage needs will be different and more costly, than if people enter one at a time or in small groups, for purchasing goods.

The liability of the person who rents a loft in which to conduct business will be greater than for the person who rents a townhouse to live in. The likelihood of accident is probably higher than it would be in a home. Additionally, because the greater proportions of persons entering and leaving the property are not friends and family, the possibility of them suing if they get hurt on the property is considerably higher. Whereas friends and family might be more likely to resolve any issues amicably and without involving lawyers and the consequent legal fees, a person who has not relationship other than professional would not be constrained and that puts the renter at greater risk. This risk will be noted by the insurer and will be assessed a greater cost for office renters insurance.

Managing Renters Insurance Costs

The premium that an individual or business will pay for office renters insurance can be quite considerable because of the relatively high risk of claims having to be made. Companies that sell office renters insurance recognize the need to both provide the customer adequate and appropriate kinds of coverage, and to do so at a price that fits the needs of each party.

They require that the customer take ample precautions to prevent accidents and especially injury to persons. These safety precautions will be listed in the office renters insurance policy. The businessperson will be required, for example, to keep customers out of certain areas, perhaps where machinery hazardous materials are being used, for example. They could be required to place cautionary signage in specific places, such as at exits and staircases. Workers might have to wear goggles or other protective clothing. Once the customer complies, they could be offered deductions that reduce the office renters insurance costs.