In this new economy, one thing for certain is many people find themselves downsized, re-assigned, or facing a cutback in hours and benefits. Most of us know several people in these situations or maybe it’s you. For some people, they begin to look at running their own business or becoming self-employed. If this is a possibility for you, or you have already started a small business, it’s imperative to understand how important insurance is to your business.
As a new or start up business, it is possible a Business Owner’s Policy may be a great way to protect your business and its assets. A Business Owner’s Policy can offer affordable coverage to protect what you have while not breaking the bank out of the blocks.
Most Americans today who are starting a business do not have a large amount of assets such as vehicles and equipment, machinery and a large number of employees. Without being a large business, your insurance needs should be fairly easy to determine.
This is where a Business Owner’s Policy can be a good decision. Even though you don’t have much in terms of assets, operating a business without the proper insurance can put all your personal assets at risk. Too many new entrepreneurs make the mistake of thinking their homeowner’s insurance will cover any issues.
A Business Owner’s Policy normally covers all the basics for your new start up or existing small business. This includes basic property and liability protection for your small business. More often than not, your Business Owner’s Policy can be added to and coverage(s) extended as your business grows.
As always, it is important to review Business Owner’s Policies with a commercial insurance agent. Before sitting down, make sure you have taken the time to determine where your business could suffer a loss and determine with your agent if coverage is available. In many cases, a Business Owner’s Policy is a great way to protect your new business.