Signing a commercial lease is an exciting step for any business, but it comes with its fair share of responsibilities, especially when it comes to insurance. At York Jersey Underwriters Inc., serving the Tinton Falls, NJ area, we often help business owners navigate the fine print of lease agreements to ensure they’re adequately covered.
General Liability: The Standard Must-Have
Most commercial leases will require you to carry general liability insurance. This protects both you and the landlord from claims involving bodily injury or property damage that might occur on the premises. It’s usually the first line of defense and a non-negotiable in most lease agreements.
Property Insurance: Protecting What’s Yours
If you’re bringing equipment, inventory, or furnishings into the space, your landlord may require you to carry property insurance. This coverage protects your business assets in case of fire, theft, or other unforeseen events. Even if it’s not explicitly required, it’s a smart investment.
Additional Insured and Waiver of Subrogation
Landlords often ask to be listed as an "additional insured" on your policy. This means your insurance will also protect them under certain circumstances. They may also request a waiver of subrogation, which prevents your insurer from going after them for reimbursement, even if they were partially at fault.
Don’t Sign Without Understanding the Fine Print
Every lease is different, and insurance requirements can vary widely. Before you sign, take the time to review those sections carefully—or better yet, consult with a professional.
York Jersey Underwriters Inc. in Tinton Falls, NJ is here to help you understand exactly what coverage you need to meet your lease obligations with confidence. Reach out to our team today to ensure your business is set up for success from the start.
