December 4, 2019
Although business insurance isn’t required by law, it is still highly recommended for businesses to have. It may be tempting to try to save a few dollars by not investing in a business owner’s insurance policy, but doing so puts you at risk of having to pay thousands of dollars out-of-pocket in the event of a lawsuit or natural disaster. Let’s take a look at what your business is covered for with a business owner’s insurance policy (BOP).
Property Insurance
One component of your BOP is property insurance. Regardless of whether your business property is owned, leased, or rented, it is still covered by property insurance. If there is a tragedy such as a fire, explosion, theft, or vandalism, your business is still covered. Some other things that are covered by property insurance include:
- Computers
- Furniture and Equipment
- Inventory
- Exterior signs
Check with your insurance company for a comprehensive list of everything that is covered with property insurance.
Liability Insurance
It is always a good idea to have general liability insurance. The simplest policy can protect your business from having to pay thousands of dollars for claims regarding bodily injury, property damage, or personal injury involving your business. A basic liability insurance plan usually covers:
- Medical payments
- Administrative costs to handle claims
- Damage to rented property
- Advertising injury
Workers Compensation
This type of insurance covers any medical expenses and some of the lost wages for employees who are injured or fall ill while working on the job. Workers Compensation insurance is legally required for all businesses to have, and it comes included as part of your BOP.
Additional Protection
Policies vary depending on a variety of things. Your BOP may offer your business additional coverage that isn’t listed above. Some other things that may be covered are loss of business income, data breach, or ransom payments. Inquire with your insurance company to see what additional things your BOP can cover.
Get Your Business Owner’s Policy Today
Even though a BOP isn’t mandatory, it is something that every business should have. When you take into account everything this policy covers, it truly is a sensible investment to make. Keep in mind that your policy doesn’t have to be expensive. If you’re looking for business owner’s insurance in Maryland, American Heritage can create a customized insurance policy tailored to your business at a reasonable price.
Contact us today to see which insurance coverage is best for you and your business.
