Buying Business Owners Insurance? – Here’s What It Entails

business owners policy coverages
If your company ships or transports freight, you may need coverage to protect the packages in any state of transit.

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.

Property Damage

Buildings and equipment owned by the company that have been damaged or lost.

Liability Protection

Legal responsibilities that may cause harm to other companies or individuals are covered by this type of risk protection.

Business Interruptions

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.

Professional liability

If you’re liable to make an error while recording information or data to exchange it

Auto Insurance

Vehicles used for transportation or business dealings may require this type of insurance to cover accident or collision damages.

Workers’ Compensation

Workplaces with dangerous conditions may require workers’ compensation to pay for employee accidents or injuries on the job.

Cargo Insurance

If your company ships or transports freight, you may need coverage to protect the packages in any state of transit.