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General LiabilityWhen you own a building, it may make sense to buy a general liability insurance policy, so you don't lose the building in a lawsuit. If you're only renting a small space in a shared building, it may seem like you have little to no risk. But there are several reasons you may need to buy general liability insurance.

 

Your Lease May Require General Liability Insurance

Your lease may require you to purchase general liability insurance as a condition of using the space. Without proof of coverage, you won't even be able to get in. Landlords want to make sure all tenants and their guests have recourse if something goes wrong due to the fault of another tenant. They also want to be able to protect themselves against such instances as you accidentally starting a fire.

 

People Can Sue You For Things That Aren't Your Fault

Anyone can claim you're liable for an injury and try to sue you — even if it wasn't really your fault. For example, a client who was coming to visit you might slip and fall on a tile floor thanks to coffee spilled by a neighboring business owner. To the client, it's your building, so they might blame you and sue you. You may eventually get your neighbor to pay up, but you can save time and money on legal fees by letting your insurance company deal with it. In addition, there's a chance that a judge could still rule that you're partially liable.

 

You Still Have Potential Liability

Even if you're in a shared office space and aren't responsible for maintenance, you can still have liability for injuries. For example, you might leave something lying on the floor that someone trips on or an office chair that you bought might break when someone sits on it. Your visitor or a contractor you hired might also cause property damage or commit a theft that you'd potentially be held responsible for as the person who invited them in. Finally, you might also want coverage for any accidental damage or injuries you cause when you go out to see a client at their location.

Posted 12:42 PM

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Raymond Longoria Insurance
2025 N Conway Ave
Mission, TX 78572
Phone: (956) 581-1034
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