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Business

Insuring the Business: Coverages that can mean survival in the event of a liability claim or loss.

As a small business owner, you'll want to have coverage for your property. A lender may require it. You'll also want a general liability policy in the event that your company causes injury to someone else. And you may want business interruption coverage, which is designed to replace lost income due to a covered loss that forces the business to close for a period of time.  These three coverages are often sold together as a single Business Owner's Policy, also known as a BOP. Buying these coverages together is generally less expensive than buying each coverage separately. Your insurance agent can explain BOPs in detail.

Types of Business Insurance
Property Insurance
Insures physical assets the business owns (buildings and contents, computer system, valuable papers, etc.) for a covered loss. There is standard coverage and more comprehensive special coverage
Property Insurance Business Interruption Insurance
A type of property insurance that covers the loss of income resulting from a covered loss (such as a fire) that disrupts the operation of the business. This policy may also cover the expenses of operating your business from a secondary or remote site.
General Liability Protection
Covers your company in the event that it causes certain harm to others, whether that harm is to person and/or property. Such causes of harm might include defective products, faulty installations and errors in services provided

Visit Demystifying Insurance for a more in-depth description of the various business-related insurance policies,.


 

These materials provide general information, and should not be construed as specific financial, insurance, tax, legal or accounting advice.  You should consult a qualified advisor for individual guidance 
in these matters.  More details




Commercial Auto Insurance
If you use your personal vehicles for business purposes, you'll 
want to talk to an insurance professional about commercial auto coverage. Many personal auto policies exclude coverage if a vehicle is used primarily for business. Commercial auto insurance covers automobiles, trucks and vans used for business. Most policies also cover your business for the liability incurred when employees use their own cars for your business.