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Business Insurance

BUSINESS Insurance – Customer-friendly
Owning a business means that you have quite a bit to protect, and the single best way to do this is to have a comprehensive business insurance policy. Not only is this coverage a legal requirement for most companies, but it is also your first line of defense against accidents, injuries, and lawsuits. If you are preparing to open your company’s doors, then take a look at exactly what these policies cover and why they are so important.

Do I Need This Coverage?
Outside of a few rare situations, every single business must have some form of insurance. Even business owners that operate out of their home might not realize that their home insurance does not cover business assets and their operations could actually void their current policy. As the company grows and new employees are hired or vehicles are purchased, additional coverage such as commercial auto and workers’ compensation insurance will be needed as well.

The Basics of a Business Owner’s Policy
A business owner’s policy (BOP) combines all of the different forms of coverage that a business owner will need in the first few years. This begins with commercial property insurance and general liability insurance. Commercial property insurance will help you cover some or all of the costs that take place if your physical assets are damaged, stolen, or vandalized. General liability coverage protects your company from claims for accidents, injuries, libel, and slander. Between these two forms of coverage, a business will be financially and legally protected against many of the most common issues that take place after opening one’s doors.

Additional Coverage
The next thing that a business owner will want to consider is either product liability or professional liability coverage. Also referred to as malpractice insurance, professional liability insurance protects a business against financial losses from negligence or errors. These policies are typically used by doctors, dentists, engineers, and other professionals that do not sell products. Product liability insurance is designed for retailers and manufacturers that provide the public with a commodity. It protects a company against claims for dangerous, defective, or damaged products.