Resources & FAQ's
How do I protect my business when leasing property?
A well-prepared lease agreement should leave no doubt as to who is responsible for payment of taxes, utilities, and common area maintenance charges. It will also establish whether the lessor or the lessee is responsible for damages to improvements installed by the lessee; and who is responsible for repair and rebuilding of the premises in the case of a catastrophic loss such as a fire, roof collapse, or other calamity.
A business owner should also be aware of the many types of insurance coverages that help protect a business from property loss. A business policy with a well-rated insurance company is a necessity to insure the success of the business venture. Endorsements should be added to the basic coverages to protect against events such as employee theft, sewer backups, and other not readily foreseeable problems. A good liability coverage policy for injuries on the premises, backed up by an umbrella policy are also a protective necessity. In short, a wise business entrepreneur should never ignore “Murphy’s Law” and should consult with experienced legal counsel. A thorough assessment of the lease and insurance coverages will markedly increase the chance of business prosperity.