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What Are the Basic Insurance Needs for Most Businesses?

By | Commercial Insurance | No Comments

If you are a small business owner you most likely know that you need some time of insurance but do you know what you need to insure? It can be confusing sometimes and you want to make sure that you have all your needs covered as best as you can.

Business insurance will help cover costs associated with property damage and liability claims. If you don’t have the proper coverage (or any coverage) you will end up paying out of pocket for damages and legal claims against your company and unfortunately, if that amount is a lot it could put you out of business or even bankrupt you.

A business owners policy (BOP) combines business property, business liability and business income insurance in one policy.

Let me break that down a bit for you so it is easier to understand each part.

Business Property (also referred to as commercial property), helps protect the physical location of your business and assets including tools, documents, and furniture.

Business Liability (also referred to as commercial liability) helps cover the costs of liability claims made against your business. For example, if a customer injures them self on your business property, it could result in a lawsuit against your company and this is where having business liability in place will be beneficial.

Business Income Insurance helps replace lost income when your business can’t operate due to a covered loss. The benefit to having this coverage in place is that you can continue to pay your bills and payroll while you are recovering. For example, if you had a fire that damaged your business and you had to close while repairs were being made you would still be able to replace the lost income with this coverage.

When you are exploring your options for business insurance understand that you can tailor your needs to address specific risks your business would face.  Not all businesses are the same and not all insurance coverage is the same.

Here at Contractors Insurance Agency we are all about serving you and making sure your business is protected.  We know how hard you work and what your business means to you and we take your insurance needs seriously.  Give us a call and let us help you sort through all the different options to choose what is best for your unique business.

 

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