Business Insurance - Simple Facts
Business Insurance - Simple Facts
At the beginning you need to know some basic terms when it comes to insurance. An insurer is a company selling the insurance and an insured is the person or entity buying the insurance policy. The insurance rate is used to determine the amount to be charged for a insurance coverage, we call it premium. So business insurance is form of business risk management.
When you start a business you need to have insurance - it's a simple fact. But before you buy small business insurance, it's wise to shop around for the best rates to ensure that you have a clear understanding of what needs to be covered.
Business Owner Policy (BOP) was designed to provide business owners with a package of coverage with options necessary to meet a wide variety of insurance needs. Standard business owner's policy (BOP) provides coverage for property from fire, wind and theft, liability (injury of someone in your business or by your product), business interruption, and in some cases, workers' compensation. The components of each BOP differs significantly and your agent need to ensure that your policy contains all the components your business requires. Some of this business includes: bakery's, retail stores, beauty/barber salons, restaurants, garage operations, car washes, apartments and many more.
Some state may require insurance of specific business activities. For example, if you own a car or truck and use it for business purposes, you may be required to purchase commercial auto insurance.
Types of Business Insurance
General Liability Insurance
Product Liability Insurance
Professional Liability Insurance
Commercial Property Insurance
Home-Based Business Insurance
Different types of coverage fit the different needs you might have. To determine what type of coverage applies to you, consider your individual situation. Once you have all the information you're looking for, you are ready to get a quote.
Businesses need to be protected from the consequences of crime too. BOP's will give you protection from all kinds of crimes including burglary, theft, and robbery
Liability Protection is very important too. BOP's provide liability protection against civil suits for accidents, product liability, slander, copyright infringement
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