LIABILITY INSURANCE
This is always completely mandatory in an office lease. If any type of accident happens on company property, the victim will need compensation for their bills and injuries. One lawsuit of this nature could wipe out an entire company, no matter its size. This is why liability insurance is always required. General liability insures your company and the landlord against claims for bodily injury, accidents, even libel, false or misleading advertising, and the costs against defending lawsuits or any settlement bonds or judgments. You never know what could happen and a simple slip from a client, visitor, or anyone on the property can result in a suit for damages.
OTHER TYPES OF INSURANCE
Product Liability Insurance
If your company manufactures and distributes any type of product you probably already have this or need to add it. Product liability insurance will protect your company against any type of financial loss that stems from a defective product causing harm to a customer or client. For example, for a company that makes pocket knives, product liability insurance is much higher than a company that makes clothes.
Professional Liability Insurance
This is also called errors and omissions insurance. It protects your company against errors, malpractice, or negligence in the
155
Powered by FlippingBook