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Have you read your lease lately?

Bldg_for_lease_4 Typically, most business owners sign their lease and file it away in a safe spot - and then forget about it. But it might be worthwhile to review it and understand exactly what you're responsible for in case of damage. For example, are you responsible for:

  • Specific limits of liability insurance
  • Damage to store front glass
  • Naming landlord as an additional insured and providing certificates of insurance
  • Restoring to original condition if changes are made to the structure
  • Snow removal (sidewalk, parking, etc.) to avoid slips and falls
  • Landlord's increase in insurance premiums

It's a good time to ask some questions to make sure you understand your lease and to make sure you have insurance coverage if needed.

Other issues to consider:

  • If damage to the property occurs and you need to find another space to lease, is the original lease considered null and void? Or will you be required to pay rent while the space is being repaired?
  • If there's damage to the common building - but not to your particular space - making it difficult for you to conduct business, what are your options?
  • If there's damage to your spce and you have made improvements to that space, is the landlord now responsible for repairing any work performed by or on behalf of the tenant?

Don't assume you understand your lease. Ask questions, make notes and do a little research so that you understand your options.

For additional information about leases, go to this website.

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