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Hello Insurance. Goodbye Risk.


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Hello Insurance. Goodbye Risk.

When it comes down to it, all insurance really serves a single purpose. It reduces your risk. Perhaps you cannot afford to risk having to pay $100,000 if someone is badly injured on your property. You'd buy homeowners insurance to protect you from that risk. Maybe you don't want to have to shell out $20,000 for a new car if someone drives into the side of yours in a parking lot. You'd buy comprehensive car insurance to cover that risk. More insurance equals less risk. But how much risk do you need to protect against, and how much insurance is enough? Only you can answer that question, and you should have a better idea of your answer after reading the articles on this website.

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What Is Covered By A Business Owner's Policy

As a small business owner, one form of business insurance you should invest in is a business owner's policy (BOP). This is a combination type of insurance that is designed to provide you with all the protection you need in one policy. A BOP provides you with income, property, and liability insurance all at once.

Income Insurance

As a business, you depend upon your ability to bring in income on a regular basis. If something happens that impacts your ability to bring in income, your business could soon go under without business income insurance. Business income insurance will replace your normal income if you are not able to operate your business due to a covered event.

For example, if part of your business burns down, your income insurance will replace your average weekly income until your business is rebuilt. Income insurance will allow your business to get through any covered incident that prevents you from doing business as normal.

Property Insurance

The next type of insurance included in a BOP is business property insurance coverage. Business property insurance coverage is designed to cover all the physical assets that make up your business.

For example, the tools and equipment you use for your business would be covered with your business property insurance coverage if they were damaged or stolen. Business property insurance also covers things such as the furniture inside of your business, documents, and products. This policy covers anything that is physically associated with your business. You may be surprised at how much your physical assets are worth, which is why you need to make sure they are covered.

Liability Insurance

Finally, a BOP will also provide you with liability insurance. Liability insurance is essential coverage to have when you own a business. Liability insurance coverage protects you if someone files a legal liability claim against your business.

For example, if someone trips and falls in your business, your liability insurance will protect you. Or if a product hurts someone and they sue, your insurance coverage will protect you. Liability insurance will cover your legal costs as well as your settlement costs.

When it comes to owning a small business, you should invest in a business owner's policy, which provides you with business income insurance, business property insurance, and business liability insurance. This is a really comprehensive insurance policy and covers a lot of your business insurance needs. Talk to a commercial insurance agent to discuss the level of coverage you will need with this insurance policy.