What is a Business Owners Insurance Policy?
Insurance can be challenging to understand if you do not know that much about it. However, there is a lot of great information out there about the different types of insurance policies and what they cover. In this blog, we are going to take a look at a business owners insurance policy and what it can do for you. A business owner insurance policy describes an insurance policy that combines a few different coverages into one bundle. This type of policy can be beneficial for business owners because it is more affordable than getting individual coverage. Learn more about what a business owner insurance policy covers below.
Coverages Included in a Business Owner’s Policy
Every insurance provider is slightly different, but if you are looking at getting a business owner insurance policy, you can expect it to have property insurance, liability insurance protection, and business interruption insurance.
- Property Insurance– Property insurance in a business owner policy covers damage to the property owned or rented. It also covers business-owned items that are within close proximity to the business. Property insurance can operate in a couple of different ways. Your property insurance could just cover specific types of damage listed in your policy, or you could have all-risk coverage that includes coverage from a much wider range of issues that could occur.
- Liability Insurance Protection – Liability insurance protection is all about protecting the business from any damage that it may cause to others. While this specific liability coverage relates to the damage done through normal business operations, this coverage can still protect you from a costly lawsuit. An example of this would be bodily injury due to defective products, or property damage because of faulty installation.
- Business Interruption Insurance– This type of insurance coverage helps you if your business experiences a loss of income related to something that disrupts your business operations. One example of this would be a fire; if a fire takes out a part of your business, and you are unable to operate normally, business interruption insurance covers your loss of income. It can even cover you if you need to work of out another location while you are recovering from the issue.
Those are the basic coverages of a business owners policy, but other things can be included in this type of business coverage as well. For example, you can include vehicle and crime insurance in a business owner policy. However, coverages like worker’s compensation and professional liability insurance are not covered in a business owner policy. These types of insurance require a different kind of policy.
Navigating Your Business Insurance Needs
Not having the right insurance for your business could be disastrous. If you run into a liability issue or even a natural disaster, it could put your business out of commission if you don’t have the proper insurance to get yourself back on track. No business owner ever wants something to go wrong with their business, but bad things to happen, so it is important to keep yourself covered with a business owner policy. If you do not know the exact insurance coverage that your business needs, you should do some research into the different coverage that is available, and reach out to an insurance expert with any questions you may have. At Moran Insurance, we are happy to provide business owner insurance policies and general insurance guidance. We have a highly qualified team that can answer your insurance questions and help you protect your business. Whether you need a business owner insurance policy, a homeowners association insurance policy, or homeowners insurance in Florida, we can get you covered. The world of insurance is not always easy to understand, but it is something that is of vital importance to your life and your business. That means it is worth the extra research and effort it takes to make sure that you are getting the right policy. Click here for additional information on business owner insurance policies, and why they are a good investment for you.