Business owner insurance is an insurance policy designed to provide protection from the various risks that can threaten a small or midsize business. These risks include property damage, liability and more.
The type of business you own and operate will impact the types of coverage you should get. The Broomfield insurance agency can help you understand the risks that your business faces and customize a policy to protect you from them.
Do I need a business owner’s policy?
Most experts recommend that all businesses have some form of business owner’s insurance. However, many SMBs are unaware of what kind of coverage they need.
There are many types of business owners policies available to choose from. One type of policy that is popular among many SMBs is the business owner’s policy (BOP).
A BOP combines all major property and liability risks into one single policy. These policies are typically sold at a lower premium than the individual insurance coverages.
What are the benefits of a business owner’s policy?
A business owner’s policy typically includes three main elements. These are property, liability and business interruption.
Property, a key component of a business owner’s policy, protects your business from damage or theft. The policy often covers damage caused by fires, wind, theft and other events that are unavoidable.
Liability, another important component of a business owner’s policy, safeguards your business in the event you are sued for causing injury to a customer or damaging their property. It can also cover medical expenses, legal fees and more if a claim is filed against your business. Find out more about this insurance policy now.
Business interruption, another important component of a business owner’s plan, replaces income you lose when you shut down due to a covered loss. This coverage can be useful for businesses that rely on recurring revenue, such as restaurants or other retail stores.
What do I need to qualify for a business owner’s policy?
To qualify for a business owner’s policy, you must own and operate your business at a location that is eligible. You may also need to meet certain criteria, such as having a minimum number of employees and a specific revenue amount.
Are they available in my area?
Several insurance companies offer BOPs, but not all of them are available in every area. It’s best to shop around to find the best rate on a business owner’s policy that fits your needs and budget.
Who should get a business owner’s policy?
Whether you own an office or operate your business out of a storefront, a BOP is an essential business insurance policy. It helps protect your physical assets, such as your buildings and equipment, as well as your financial assets, including your cash.
You can also customize a business owner’s policy with add-ons, such as crime and spoilage of merchandise. These are not offered in every BOP, but can be purchased as add-ons for a small fee.
Business owner’s policies can be purchased separately, or in combination with other business insurance products. Some insurance providers sell these products in a bundle called a commercial package policy. A commercial package policy combines business owners policy, general liability, property, and business interruption insurance into a single bundle for a discounted premium. To get more enlightened about this article, click here: https://www.huffpost.com/entry/how-much-business-insurance-is-needed_b_5931b471e4b0649fff2118be.
