What Is a Business Owner’s Policy?

What’s a business owner’s policy and should I get one for my new business?

One certainty in a struggling economy is many people find themselves downsized, re-assigned, or facing a cutback in hours and benefits.  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 good starting point to protect your business and its assets.  A Business Owner’s Policy may offer a way to protect what you have while not breaking the bank out of the blocks.  A Business Owner’s Policy will help reduce risk and insulate your family’s assets (Naturally, speak with an attorney) in the event a claim if ever brought against you, your employees or business.

Most people 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.  A licensed insurance professional can review the coverage options available to your business.

As a rule of thumb, 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.

This is a great feature of a Business Owner’s Policy.  As you review your insurance options for your business with your agent, make sure to understand where losses can occur.  Another good resource is the state department of insurance.  Look for similar businesses and what type of claims they may have had and make sure those types are covered.

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Workers' Comp
General Liability
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