If you’re trying to protect your business from claims or property damage, many insurance brokers offer full-coverage through a series of different risk protections in their policies. The great thing about it is that you don’t have to include any other liability protections with your business owners policy coverages unless your company requires them.
Which Risks Are Covered With a Business Owners Policy?
A few risks that are covered in a basic business owners policy include the following.
Buildings and equipment owned by the company that have been damaged or lost.
Legal responsibilities that may cause harm to other companies or individuals are covered by this type of risk protection.
Major interruption in business that results in a large income loss. (fires, catastrophes, etc.)
What Does a Business Owners Policy Not Cover?
The business owners policy coverages only protect you to a certain extent and you may require additional liability insurance. Here are some insurances you may require.
If you’re liable to make an error while recording information or data to exchange it
Vehicles used for transportation or business dealings may require this type of insurance to cover accident or collision damages.
Workplaces with dangerous conditions may require workers’ compensation to pay for employee accidents or injuries on the job.
If your company ships or transports freight, you may need coverage to protect the packages in any state of transit.