Tips for Finding Office Space for Your Small Business
July 03, 2013
As your small business grows, you’ll need more space. Here are some tips for protecting yourself no matter where you call your office.
As a small business owner, renting a commercial space for your business can be stressful. There are a thousand things to think about, from how much space you’ll need now and down the road, to how much cash you’ll be out on tenant improvements and how to negotiate a favorable lease with your landlord.
Along the way, you also need to make sure that you’re protected if anything goes wrong. There’s more to it than simply posting those “employees must wash their hands” posters. You’ll need to think about insurance.
But what kind do you need? That depends on what kind of business you have, and what kind of space you are leasing.
The big picture
If you’re starting any kind of professional service business, you’ll want to consider buying professional liability insurance. For example, if you operate a nail salon and a client gets an infection because one of your manicurists doesn’t disinfect the cuticle clippers, professional liability insurance keeps you safe. Even if your performance is spotless, you never know when a disgruntled client could decide to sue.
You might be starting out small with a home office, saving you quite a bit of money at first. But, if your business involves meeting with clients, you should think think twice before you invite them to your home. You might be liable if a client stumbles and falls on your front walkway. Your homeowner’s insurance most likely won’t protect you and the injured party could come after you—and your business as well. That’s why it’s important to have commercial general liability insurance for your business, even if you work from home.
But as your business grows, you’ll probably need more space. When you’re ready to make a big move, you should seriously consider purchasing a business owner’s policy (BOP) before you get the keys to your new space.
Business owner insurance protects you, your business, your employees, the property, your customers and pretty much anyone else who walks through your doors. If you scrimp on insurance and a customer trips on your threshold, or your business equipment is damaged for any reason, impacting your property, your business could be on the line.
Sounds expensive – what does all of this cost?
The type of insurance you need will depend on the state, your type of business, and just how soundly you want to sleep at night. Premiums don’t need to be a major cost for a small business owners, and they’re nothing compared to what a lawsuit or lost inventory can add up to.
To save money you want to work with a specialist insurer that understands the specific risks you face, ensuring you only pay for what you need. Also by bundling you policies to include all the coverage you need, you’ll probably score an additional discount, to boot.
Guest blogger Jessica Tyner contributed this post on behalf of the RocketLawyer team