Insureon Blog

Do I Need a Renter’s Policy?

10. May 2013 16:47

If you own a business and rent your business premises, you’ve probably wondered what kind of responsibility you have for keeping those premises in good shape – and what your liability exposure is if damage to the property affects your inventory or equipment.

Here’s an overview of how renter’s insurance works and what to look for when purchasing a renter’s policy.

What Is a Renter’s Policy?

In the insurance industry, a renter’s policy is a type of coverage officially called “Damage to Premises Rented to You.” In the past, this kind of coverage was known as “Fire Legal Liability Coverage” – but whatever name you know this coverage by, the protection it offers is the same. (Related: "Steps to Eliminate Uncertainty for Small Business.")

In most cases, a renter’s policy…

What Are the Limits of Damage to Premises Rented to You Coverage?

Like most kinds of insurance coverage, Damage to Premises Rented to You renter’s coverage usually comes with specific coverage limits. Most often, limits outline how much a policy will pay for a single event of property damage caused by fire, explosions, or lightning. 

For a better idea of what specific types of coverage are provided by a General Liability Insurance policy, check out our page on General Liability Insurance

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Risk Management | Small Business Risk Management

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