What Is a Business Owner’s Policy?
A business owner’s policy combines liability insurance and business property insurance. It helps cover property damage and loss from theft, fire, water, and other disasters. Business owner’s policy insurance also covers liability claims that arise from your business operations, such as bodily harm, defamation, or property damage.
Suppose a natural disaster, like flooding or an earthquake, damages your business. In that case, you can be covered by your business owner’s policy — depending on your policy and the type of business you operate. For example, if your company sells fine jewelry and thieves break in and steal merchandise, a business owner’s policy could cover replacing those items.
A business owner’s policy is customizable based on the industry in which you operate. For example, a business owner’s policy could include additional coverage for data breaches, computer hacking, and other technological disasters if you work in a technologically sophisticated field.
Other fields requiring more specialized coverage can customize their business owner’s policy insurance, ensuring they receive the best compensation and protection for their business and its financial security.
Businesses That Benefit From a Business Owner’s Policy
Truthfully, all business owners can benefit from a business owner’s policy. Still, in general, there are some key things to consider when deciding on business owner’s policy insurance, especially if you have at least one of the following:
A Physical Location
When a business has a physical location, many things require the protection afforded by a business owner’s policy. Clients and consumers can be present, and if something should happen to them, they will expect compensation. If a client slips on a polished floor or bumps their head on a shelf, they may want compensation. If you are found at fault, business owner’s policy insurance can help alleviate the financial liability.
The Possibility of Being Sued
When you are sued, you are served legal documentation that explains why you are being sued, what the plaintiff wants, and why they want it. Suppose your company has the possibility of being sued. In that case, a business owner’s policy can protect you and your employees from bad actors and ensure the business will not be hindered by a substantial financial loss.
Assets That Can be Damaged or Stolen
If your business has assets or products that can be damaged by the elements or stolen by bad actors, a business owner’s policy can keep you protected and compensate you for the asset loss.
How Much Does a Business Owner’s Policy Cost?
A business owner’s insurance policy varies based on several factors, the biggest being the risk-loss ratio of the business. The cost will fluctuate depending on the industry and what it provides, so we recommend contacting Fusco Orsini & Associates.
We can set up a quote for your business and provide several policy options to suit your business needs. We encourage you to reach out to us.