Business Owners Insurance
If you’re a business owner, you know it’s important to guard your assets. However, you may not be aware of all the ways the right insurance policy can protect you. Business owners insurance (often called a Business Owners Policy or BOP) can help secure your business, your employees, and other people who may be affected by how you run your business. Here are just some of the ways a BOP can protect you.
How Business Owners Insurance Protects Your Business
Liability Coverage
Your business policy typically includes liability insurance, which is like that of a general liability policy. It protects your business against several kinds of claims that may arise from operating your business. For example, most general liability policies include:
- Bodily injury and property damage liability
- Advertising injury
- Medical costs
- Damage to rented property
Property Coverage
Liability policies may not cover everything you own. Commercial property insurance will protect you in the event your business property is damaged or subject to theft.
Commercial Auto Coverage
If you own a business vehicle or use your car for company purposes, it’s important to know that insurance can cover the liability and physical damage to your vehicle if it’s involved in an accident while on the job. This type of coverage provides another layer of protection for your business if you have employees who drive clients to the airport, go on sales calls, or carry out other tasks for the company.
Employment Practices Liability Coverage
Employment Practices Liability guards your company against claims brought by employees or job applicants for discrimination and wrongful termination. It can also cover the legal fees associated with such claims.
Business Interruption
This coverage helps protect you in the event of a loss of income arising from damage to your business property, whether it’s due to a fire, flood, or other covered peril.
Cyber Liability Insurance
Cyber attacks are becoming more common and advanced each year, which is why you may want to consider cyber liability insurance. This policy can protect your business in the event that client, customer, or employee data is stolen or otherwise compromised.
Business Crime Insurance
Business Crime Insurance can provide reimbursement for the costs associated with investigating and prosecuting a crime against your business. For example, it covers acts of employee theft, forgery, or impersonation fraud.
Commercial Umbrella Insurance
In addition to the standard commercial insurance policies mentioned above, umbrella insurance provides an extra layer of liability coverage, which can come in very handy if your business ever faces a massive liability claim that exceeds its policy limits.
Accidents happen – they’re nothing we can predict. And while we certainly don’t want to think about them, it’s crucial to be prepared. The best way to ensure your business is ready for anything is by working with a skilled insurance agency that can find the best policies for your business. Visit us at ISU Armac today, and we can answer any questions you have about these coverage options and how they can help protect your business!
