Operating a small business comes with various risks. Early on, you may face several pressures that challenge your venture’s profitability. As you consider your insurance options, you must consider a business owner’s policy. This policy is especially suited to small businesses as it provides multiple coverages in one package. Besides, you have the option to customize the policy based your unique business needs.
Basic Coverage
A business owner’s policy includes liability coverage. Your business is protected if one of your patrons suffers an injury while visiting your premises. You are also covered if your products cause property damage or accidentally injures someone. If someone is injured, the business owner’s policy will include medical expenses coverage to take care of their injury. Your business is also protected against allegations of slander or libel.
Property Coverage
A business owner’s policy protects the building where you operate your small business. It covers all of your inventory and equipment that you use to conduct business. This helps alleviate stress if some of your inventory is stolen or vandalized. If your building suffers severe damage, loss of business income coverage can help keep your business afloat while the repairs are made. The business owner’s policy also covers any tenant improvements or renovation.
Additional Coverage Options
A Business owner’s policy can also include some of the following coverages:
Cyber Liability Using the recent technological advancements to your advantage is a sound business strategy. However, you have to be careful because there are several risks involved with technology. Hackers are constantly looking for ways to cause trouble and compromise your business. If hackers infiltrate your network and steal sensitive data, you could face a lawsuit. Cyber liability coverage protects your business if hackers gain access to important information online.
Errors and Omissions If you make a mistake while conducting business, you can rely on errors and omissions insurance. Errors and omissions insurance will cover your business if you are sued for negligence as a result of the mistake.
Civil Authority Civil authority coverage protects your business in the event of a natural disaster. A natural disaster can total your business or cause severe damage. If the government decides that your building is uninhabitable, Civil Authority coverage will protect your business from suffering a drastic income loss.
Things to Consider
As you figure out whether a business owner’s policy is beneficial for you, consider a few variables. Figure out your estimated annual gross revenue. Think about the square footage in your building and if you have any fire prevention measures on hand. Does your business have theft prevention? Your quote may also differ based on whether you have a Corporation, LLC, or Sole Proprietorship.
As your small business continues to evolve, getting a business owner’s policy is a good option. As always, having the right insurance is also an important part of keeping your business’ environment and team safe. For the protection your business needs, contact Mayer Insurance in Apple Valley.