Business Insurance
Get your Quote today

What is Business Insurance?

Business or commercial insurance provides businesses with a protection plan for their assets, property, and income. The most common policy is a Business Owner Policy (BOP) and is popular among small businesses. Under these BOPs, there are usually three types of coverage: business property coverage, general liability coverage, and business interruption coverage. Coverage doesn’t stop here as there are many options available to business owners to help keep their company protected.

Usually, a BOP will help protect a business against things such as financial losses or covered perils (theft, fire, wind, falling objects, and lightning). However, since there are different options when choosing a policy, it is always a good idea to review the documents to get a grasp on what incidents are covered and for how much.

The Benefits of Business Insurance

For many people across the country, owning their own business is a dream come true. They work day and night to ensure the company is a success, and their customers are happy. While many entrepreneurs are focused on keeping the doors open, few are concerned with unforeseen incidents. That is why it is good to get business insurance to keep an eye on the unexpected.

Business insurance will allow you to invest your time and effort into building the organization around you without worrying about what you will do if there is a fire or someone vandalizes your building. It can also be useful to have if you are going for any type of loan or line of credit at the bank.

Business Property Coverage

The portion of the BOP that protects your business and the assets inside against covered perils is known as property coverage. The most common type of claim that falls under this form of coverage is usually due to a fire. The property coverage will help replace office furniture, computer machinery, and in some cases, help repair parts of the building.

General Liability Coverage

General liability coverage is crucial to have as it protects the company from medical expenses if a customer or visitor is injured while at your business. Legal expenses and costs are also typically covered as well. The only thing to be wary of is that general liability insurance has a coverage limit. If the injured person’s medical bills are higher than the limit, the company can pay for the rest.

Business Interruption Coverage

Often called business income coverage, business interruption coverage is the part of a BOP that helps replace lost income or extra expenses if your business experiences a covered peril. If your office becomes uninhabitable due to a fire or tornado, then business interruption coverage may help pay for rent costs at a temporary office. It can also help replace any lost business income that was caused by the covered peril

To find out more about the right type of insurance for your business, talk with one of our agents today! Give us a call at (920) 349-9700 and get a free quote.