--- title: Avoid These Common Misconceptions When Buying Commercial Renters Insurance description: Having a commercial renters insurance policy is essential for every business, but information can be conflicting. Learn the truth behind the myths! --- # Avoid These Common Misconceptions When Buying Commercial Renters Insurance * * * ## Avoid These Common Misconceptions When Buying Commercial Renters Insurance As a business owner who chooses to rent rather than buy the space they operate in, you may be under the impression that any damages to the property would be covered by the owner’s insurance policy. That, however, is not always the case. Instead, the renter is typically responsible for any building damages incurred as a result of their business, which can mean something as simple as scratches on the floor due to moving furniture, to something as complex as a building fire caused by a faulty office device. A property owner’s policy also wouldn’t cover other business-related types of liabilities, and having to pay for any catastrophic incident out of pocket could force a company out of business. Signing up for a commercial renters insurance policy is essential for all business owners – but is everything you’ve read about these policies true? Here are the truths behind some of the most common misconceptions about commercial renters insurance. ### Common Misconceptions About Commercial Renter's Insurance _ **I Should Look For the Lowest Premiums.** _ It’s no secret that premium rates can vary wildly between different insurance companies. The catch: going straight for the cheapest premium can sometimes mean having a policy that is lacking the level of coverage you need. After receiving quotes from multiple companies, the next step is to review each proposal in detail in order to familiarize yourself with the types and amounts of coverage each policy offers. Then you can decide which policy is the right combination of cost and coverage for your business. **_I Don’t Need to Change my Policy._** From hiring new employees to expanding product offerings, most businesses change over time. When your business changes, your insurance needs could change as well. Periodically reevaluating your policy is important in order to ensure your coverage is still adequate for your needs. A great time to do this is two to three months before your policy is set to renew; write down what changes have occurred since the policy last renewed, and review your coverage to evaluate whether it is still right for your business. **_Liability Policies are Just Pricey Add-Ons._** There are many different types of coverage that commercial renters insurance can have, and not all policies will have every type of coverage. Often, these additional types, including Cyber Liability, Employment Liability, and Professional Liability, must be added on to your insurance policy. While they will increase the cost of your plan, they also give you critical safeguards against issues you may not realize could arise, such as litigation from a data breach or a disgruntled former employee. _ **I Don’t Need An Agent When I Can Just Get a Policy Online.** _ Many mundane tasks have become much simpler in the digital age, and getting quotes for commercial renters insurance is certainly one of them. In this case, the easiest route isn’t necessarily the best one to take. Agents have years of experience with all types of insurance, which gives them valuable insight into what policies and coverage options would be best for your particular needs. And because they work with many insurance companies that offer business renters insurance, agents can narrow down the options in order to provide you with quotes that have the best combination of price and coverage. While many things about operating a business have changed in recent years, the need for adequate insurance coverage has certainly remained the same. Purchasing a commercial renters insurance policy ensures that your business is adequately covered against the myriad issues a business can face, so that a problem, no matter how big or small, doesn’t end up forcing you to close your doors forever. * * * _Pepper, Johnstone & Company protects your family with a choice of multiple insurance companies to choose from, for home, auto, and business. We've helped countless people save money on their insurance while making sure they're properly covered. Visit us today at our_ [_website_](/)_,_ _or give us a call at 256-232-7818 to get us working on a quote for you today. You can also request a commercial liability insurance quote_ [_here_](/insurance/business/commercial-property-insurance)_._ ## Insurance Quotes Give us some info and we'll help you find the best coverage options. [Request a Quote](/quotes) ## Insurance Partners [Travelers — The Hartford — Chubb — Progressive — Liberty Mutual — Auto Owners — Safeco — Cincinnati Insurance — Hagerty — Universal Property & Casualty Insurance — American Modern Insurance Group — National General Insurance — Centauri Insurance — Foremost Insurance — Infinity Insurance — RLI — National Security Group — CNA — Frankenmuth Insurance — Philadelphia Insurance — Great American Insurance Group — FCCI Insurance Group — Columbia Insurance Group — Nationwide — Berkley Southeast Insurance Group — Penn National Insurance — Alabama Home Builders Self Insurers Fund — Alabama Self-Insured Worker's Compensation Fund — Alabama Retail — Associated Insurance Administrators — AlaCOMP — The Sheffield Group — John Hancock — Prudential — Old Republic Surety Company — Sun Life — Lincoln Financial — Genworth Life & Annuity Insurance — Symetra — AIG — Transamerica — Equitable — Banner Life — EMC National Life — Mutual of Omaha — MetLife — Unum Insurance — Protective Life — The Standard — Encompass Insurance — Donegal Insurance Group — State Auto — GEICO](/about/insurance-companies) ```json {"@context":"https://schema.org","@type":"WebSite","url":"https://www.pjcoinsurance.com/","name":"Pepper, Johnstone & Company"} ``` ```json {"@context":"https://schema.org","@type":"BlogPosting","mainEntityOfPage":{"@type":"WebPage","@id":"https://www.pjcoinsurance.com/blog/misconceptions-about-commercial-renters-insurance"},"headline":"Avoid These Common Misconceptions When Buying Commercial Renters Insurance","datePublished":"2019-04-04T05:00:00Z","dateModified":"2024-11-19T11:08:36Z","description":"Having a commercial renters insurance policy is essential for every business, but information can be conflicting. 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