I am going to open a 2000 sqft. In a local mall, what type of insurance is recommended?
Thanks for reaching out and congratulations on your new venture!
If you are leasing from a mall, the landlord will likely require at least $1 million in liability coverage and be an additional insured on the policy. This is to protect them if someone slips and hurts themselves while you run your business. It also provides coverage for the building repair or replacement if there is a fire or water damage.
Check with the leasing company to confirm their requirements.
In addition to what they require, consider protecting your business assets including furniture, build-out, inventory, signs, supplies, and computer equipment.
Look into a Business Owner’s Policy (BOP) which covers both liability and your business property. BOPs are usually less expensive than buying two policies.
Check out our favorite providers here: https://fitsmallbusiness.com/small-business-insurance-companies/
Good luck and let us know how that new business is going. We love success stories!
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