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Business Insurance

Business Insurance Policies

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Every company must have a comprehensive business policy in place before opening their doors. These policies are not only required by law, but they will also be the first line of defense against a variety of financial and legal mishaps. Here is a look at some of the incidences that these policies will cover and exactly what type of business insurance you may need.

Basic Liability Coverage

At the very minimum, each company is going to need basic liability coverage in place. These baseline policies are designed to provide financial assistance to a business owner and their employees following common issues such as being injured on the job. It will also cover theft from the company and any vandalism to company property. In the event that the company is sued or a case is brought against a staff member, liability coverage should cover some or all of the costs of the trial or mediation.

Additional Coverage

When a business begins to grow, owners will need to take a look at their current policies and update them every few years. Changes to the company such as purchasing company cars, buying a larger storefront, or even bringing on new employees will require additional coverage. Some of the most common insurance riders include commercial auto coverage, group health insurance, and professional liability coverage. If these riders do not adequately cover a business, owners may want to explore their options for umbrella coverage. This offers additional financial backing once the basic policy has been exhausted.

Business Owner Policy

A BOP is a pre-packaged policy that is designed to make the process of finding insurance as easy as possible. Instead of individually picking the basic coverage, premiums, and additional riders, a business owner policy will combine each of these financial services. In some instances, this will save the owner both time and money as all forms of coverage are bundled into a single policy. This also makes it easier to expand coverage as the company grows and pay all premiums at once.

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