Business owners face dozens of liabilities. While some are covered by general insurance, many are not. That’s why it’s important that you understand exactly what your business owner policy includes and, more importantly, what it doesn’t include. The right BOP will offer standard protections that every business owner needs, such as property and inventory, but also specific inclusions that pertain to your particular industry. Good business insurance will be tailored to your company’s needs; don’t sign off on a policy that’s overly generic.
When researching insurance, keep in mind the specific aspects of your business that need to be covered. If you have a number of company vehicles to insure, your policy should be different from that of a small digital startup. It’s also important that your business owner policy have some form of interruption coverage; when faulty equipment or the destruction of property brings your manufacturing or services to a standstill, you need to have something in place to cover overhead while you wait to get everything up and running again. Stalled business can result from a number of different catalysts, which is why your policy should be tailored to your specific situation. If you’re currently operating without a BOP, find a local agent who can help get you the coverage you need.