What Types Should You Consider?
To find out what type of renters insurance you need, first read your rental contract. If your landlord states they will not be responsible for any loss to your business equipment or other business items, you will need insurance to cover those. Your rental contract may also state you need to name the landlord as an additional insured. What this means if someone does get hurt while at your business, you are also insuring the landlord against personal liability for the accident.
More than not, your rental agreement may also say you are responsible for the upkeep, damage or failure of equipment such as plumbing, electrical, windows, or other building items. Most of the time, but not all, landlords are responsible for structural and roof problems because when they rent a space, they are claiming it is safe to rent and will not fall apart causing your business or you any damage.
To begin, make a checklist on what items of value you have in your business. You should list all equipment, inventory, rented, owned or leased credit card machines, cash registers, shelving or displays, signs, proprietary paperwork, safes, furniture and fixtures including computer equipment. Try and set a replacement and actual cash value for each item.
Your list should also include items like plumbing, electrical or anything else your rental agreement states you would need to repair if damaged. Ask the landlord for a list of what you are responsible for and to place a value on each item.