Owning a small business comes with a lot of unique risks and responsibilities, which is why business owners depend upon specific risk-mitigating tools to address those issues. A business owner’s policy is a bundle of insurance policies that usually includes a few kinds of insurance that are specifically relevant to small business owners.
The types of insurance included in the bundle can vary, as they should! Even among small businesses, there are a variety of risks, needs, responsibilities, and insurance needs. Generally, a business owner’s policy includes property insurance and liability coverage for businesses that are eligible for the package.
While business owner’s policies include property and liability insurance, these policies aren’t necessarily the same policies in the bundle that they’d be individually. Because they’re bundled for small business owners, they may include special features specifically for small business owners.
Who Needs a Small Business Owner’s Insurance Policy? Why?
All kinds of small businesses can benefit from a small business owner’s insurance policy! Property damage can always slow down productivity, and sometimes, it can stop it altogether. Depending on the business’s needs, the policy can be tailored to its unique requirements.
The average small business on Main Street is in a high traffic area. This raises the risk of things like property damage or injury to a patron, both of which can be covered in a business owner’s insurance policy.
An office professional might not have as many people walking by their workplace, but they may be producing plans, crunching numbers, and providing services with the potential to negatively affect their clients. Liability and property insurance can help protect a professional from losses associated with their work.
Food and beverage businesses face unique liabilities every day, and there is a very real risk of going out of business if there is too much property damage. A BOP can be immensely helpful in a small food and beverage business.
Tech firms spend a lot of time designing products, either directly for consumers or to be used in other products. Any mistake or negligence in this design can cause dangerous products to be on the market – leaving the firm liable unless they have a BOP.
Small businesses that do some light manufacturing may also qualify for a business owner’s policy, which can help protect them from liability related to any products, as well as property damage.
Do You Need a Business Owner’s Policy?
If you’re considering insuring your small business, remember that a BOP can be tailored to your needs. The package policy is designed to be comprehensive and cover your business’s needs, while remaining cost effective. Request a free quote.
