Do I Need Commercial Property Insurance for a Shared Office? 

While your company’s coverage needs may evolve as circumstances change, certain components of sufficient business insurance typically remain staples in its loss control measures. Commercial property insurance is an essential investment for nearly all businesses, regardless of size or sector.

Even for those who may share workspaces and offices with other tenants, the importance of commercial property coverage cannot be overlooked.

Why is Commercial Property Insurance Important for Those Sharing Offices?

Even if you do not have sole ownership or responsibility of your business’s premises, you should strongly consider purchasing and maintaining a commercial property insurance policy. These policies can go far beyond financially protecting the structural elements of buildings and offices.

Consider how your coverage may assist with the following possible situations:

• If an employee accidentally starts a fire on the premises and desks, chairs or other furniture are damaged, your policy can help pay to restore, repair or replace company assets.

• Should a burglar break into your shared office and make off with your business’s property, such as laptops and other electronic devices, your insurance may provide a payout for your losses.

• Your coverage may limit out-of-pocket losses and expenses if vandals damage, deface or destroy your company’s physical property.

All tenants of shared office spaces still likely have tangible assets that require insurance coverage. Electronics, furniture, equipment, tools and inventory represent significant financial investments that must be protected.

Furthermore, many landlords may even require tenants to have commercial property insurance.

We’re Here to Help

At Silicon Valley Risk & Insurance Services, we’re standing by with the knowledge and experience to help your business retain the right coverage for its shared office environment. Contact us today to learn more or get a free quote.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.