A business owner insurance policy offers the small business owner the ability to receive basic business property and general liability insurance coverage at a bundled price. A business owner insurance policy offers the basic insurance coverage most companies need for a reasonable rate. Think of this coverage as the foundation for your business insurance portfolio, from which you can add additional coverages as needed.

Following is a brief introduction to the coverages commonly found in a business owners policy:

• Business property coverage – The physical structures and items that are owned by your business are typically covered by this portion of a business owner policy. This includes buildings owned by your company, as well as furnishings such as desk, file cabinets and computers.
• General liability coverage – If your business is found liable for property damage or bodily injury caused to a third party, the business liability insurance portion of a business owner policy will generally provide coverage. This means that either your business, or its employees, will have to be found liable for damages.

There are additional small business insurance coverages available that your business may need to purchase separately as they generally are not part of a business owner policy. Depending on what industry your business is in, there may be additional coverages that are required, including:

• Directors and officers insurance – Also known as D&O insurance, directors and officers insurance is purchased to provide protection for upper management in case they are sued due to poor job performance. Many companies will purchase this protection in order to attract the best talent for a position.
• Product liability insurance – If your company manufactures, distributes or sells consumer goods, a product liability insurance policy is a good idea. Whenever consumers can be injured due to a product that your company has a hand in bringing to market, you need to have specialized coverage to protect your assets.
• Commercial vehicle insurance – Whenever your vehicle operates automobiles or trucks for business reasons, you need to have a commercial vehicle insurance policy. Even if you are a one-man shop using a personal vehicle for business purposes, you will need to purchase commercial vehicle insurance as your personal auto insurance policy generally excludes coverage for business use.

You work hard to build your business, which is why you need to have the proper business insurance coverage to ensure both you and your company are covered. Fortunately, it is very easy to request free business insurance quotes by using an online service such as NetQuote. When it comes to finding the best coverage at the best rates, you owe it to yourself and your company to comparison shop leading insurance companies to find what your company needs.

In today’s world your company needs to be properly protected from the risks it faces on a daily basis. A business owner policy is a great starting point for your business insurance coverage, from which you can build upon. Purchase additional coverage that your company requires so that your business is protected from the risks it faces.

No related posts.