What is Business Owner Policy Insurance
As a business owner, you must consider purchasing insurance for your business as soon as possible. In life, misfortunes and mistakes always occur. A business owner policy insurance offers coverage for business property and liability. This business insurance policy helps cover claims that can involve your business property, such as: experiencing a fire, theft, water damage, or vandalism. This insurance can also help cover expensive liabilities like lawsuits and claims of injury from customers.
For a small business, one of these misfortunes can be costly, and potentially shut your business down. Instead, examine what business insurance coverage can do for you!
What Coverage to Consider
Commercial Property Insurance
Commercial Property Insurance helps protect the business owner’s tangible assets such as the building, equipment, furniture, inventory, technology, and more. The insurance company that you have property coverage with, will help recover the losses of any valuable records and restore massive loss from an unfortunate accident. Its coverage includes your business building and its contents, even if it is at a temporary location that you have been renting or leasing.
General Liability Insurance
General liability insurance defends against liabilities like customer injury, property damage, or product claims. In the event that your business is linked to causing someone harm or damages, you may get sued. To avoid massive financial losses from getting sued, this liability protection will help you cover the defense costs. The general liability policy will also protect you against lawsuits that are started without a valid case and with no rationality. In these cases, a victory may be easy, but you still may suffer extra expenses which could be detrimental to your business.
Workers’ Compensation Insurance
Workers’ compensation insurance will cover any liability risk you may suffer from your employees. This form of business owner insurance may be more important and essential to have across different professional services. The coverage needs to pay any medical expenses to an employee or the employee’s family in the event that the individual suffers a bodily injury, illness, or death on the job.
Data Breach Insurance
A business owner’s policy can also include data breach coverage. If you have a significant amount of clients or customers’ personal information stored physically or digitally, you should obtain coverage in the event that the customer’s information gets stolen or leaked. Costs will incur through notifying the affected parties, doing a public announcement, or covering liability costs from getting sued for the breach.
The package policy for BOP insurance originally includes property insurance and general liability coverage. Based on your line of business, you may want to include additional coverage options to consider for your package policy. Before you choose any one BOP insurance policy, be sure to get multiple insurance quotes that will offer great coverage, with low costs. The business owner’s insurance premiums can vary depending on their level of risk that has been assessed by the insurance company and the business’s specific needs.
After considering your insurance needs, the small business owner must be sure to have general liability coverage and major property protection. But why?
Why You Should Obtain Coverage
There are a variety of reasons as to why anyone would want an insurance policy. A retail store may want it in case a worker picks up a box that is too heavy and severely hurts their back. Or you had a break-in at your office, everything was stolen, broken, and ruined, reeking vandalism. Or say you face lawsuit expenses from an advertising injury where boiling hot water spilled all over the actor, leaving them with scars.
All of these possibilities are possible! Let’s review more general reasons to get a BOP policy.
If You Own Assets
Any business, in general, tends to have some sort of assets, so obtaining insurance to cover these assets becomes a business need. Depending on the industry of your business, you may be likely to have extremely expensive assets on the premises of your business. Assets can include equipment, furniture, cash, technology, client/customer information, data, inventory, and more. Protect all the items you’ve invested your hard-earned money with.
Possibility of Getting Sued
Servicing customers and clients always come with liabilities and the possibility of lawsuits. You can get sued due to an employee’s injury, exposure to an illness, or death on the employer’s facilities. You can also get sued over unsatisfied customer service, to get money out of the business and back into the pockets of the client instead. These professional liability costs can become extremely expensive, especially if your business gets sued more than once.
Having A Business Location
Whether you work from home, in an office, or in an office building, BOP insurance will help cover costs that were lost as a result to fire, theft, vandalism, water damage, and more. There will always be a chance that you can lose everything you have spent your time and money in. Instead of watching your work get burned away or flooded, look into business owner insurance to help you restore these massive losses.
BOP insurance will cover your business if the worst cases of events were to happen. It can cover disasters, client claim issues, lawsuits, employee injuries, and more depending on the policy that you chose for your business. Put into consideration your business needs when deciding on a final plan to cover your property and liabilities.
If you are having a hard time understanding why certain types of businesses may need better coverage than others, you can meet with a local agent. It is always better to be safe than sorry, so it would be beneficial for you to meet with an insurance agent to discuss the best options for your business. Save yourself from future hardships and downturns just because you did not want to pay for a policy. Look into this immediately if you have a business of any sort, policy insurance is recommended for all industries of businesses and at all stages of development.
Financing Solutions Business Line of Credit Program
Having a credit line is one of the most important things a business owner or executive director can do for their organization because it allows you to have a ready to go cash backup plan.
Financing Solutions business line of credit costs nothing to set up, nothing when not being used, and is inexpensive when used.
If you are interested in receiving a no-obligation quote please visit our website to fill out the 2-minute application.