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Business Insurance

Business Insurance Policies

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There are many things to consider when opening a business of your own.  One of the most important considerations is how to protect your business and your income.  Purchasing business insurance is one of the best ways to ensure your business will be protected against many types of potential loss.

Business insurance protects your business from certain risk exposures such as damage to business property, employee theft or dishonesty, product liability and much more.  You can essentially cover almost every aspect of your business through certain insurance endorsements. 

Insurance written for businesses is generally focused on protecting the business owner.  However, these policies can offer protection to employees by protecting their income in case of an interruption in business operations caused by a loss.  In addition, some types of insurance policies provide protection for consumers who have been injured due to some issue with products made or sold by the company.

Insurance that covers a business has a defined term of coverage.  However, many policies can be written to cover claims for many years after a policy term has expired.  The way these policies generally work is to protect primarily from injury caused by an employee, product, advertising of a product or injury on the business' premises. These policies also work to protect the business owner from lawsuits and settlements.  Many other types of business coverage are available depending on the specific type of business policy purchased.

One of the most common types of insurance available to businesses is general liability insurance.  This is one of the greatest protectors of liability against the business owner.  No matter how big or small your business, it should be covered with liability insurance.  A more comprehensive type of business policy is a business owner's policy, or BOP as it is commonly called.  A business owner's policy can include liability, property, operation interruption and vehicle coverage.  In addition, a business owner's policy can be modified to cover many exposures that are specific to your type of business.  Worker's Compensation insurance is another common type of insurance that most businesses will need.  This will provide medical and wage compensation to workers who have been injured on the job.

The major benefits of purchasing a business policy for your company is the peace of mind it provides.  With these policies, you can be assured that your business, and your family's income, will be protected against many types of risk.  Another benefit is increased availability of work.  Many companies will not hire you if you do not have certain types of coverage, such as general liability or worker's compensation insurance.  By having these policies, you can work with very large businesses while others cannot.

It is important to have a good understanding of the insurance needs of your business before purchasing a policy to be sure that you get the best coverage available.  However, the most important thing is to make sure that your business is covered.  Going one day without insurance can cost you a lifetime of income.




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