Business insurance Coverage for the Entrepreneurs
Business insurance is meant for business men who want to provide protection for their business. Such insurance offers protection in the form of a package covering both major property as well as liability risks. Disaster can strike any moment and by the huge amount of capital that is involved in setting up and running a business one simply cannot take a risk. Business insurance is the best way you can protect your business.
Mid-sized or small companies usually purchase a policy quite popular among them i.e. the Businessowners Policy (BOP). Bigger businesses usually purchase Commercial Policy. The BOP or Businessowners Policy usually covers:
- Property: Covers building and any content that is the property of the company.
- Business Interruption: Disruption in business due to reasons like fire breakout or any other accident may cause loss of income. This insurance protects from such an incident and may also cover the extra expenditure that you may have to bear if you need to shift your work operations temporarily.
- Liability: Covers for any harm that your company may cause to a third party. Here harm means any bodily injury or property damage due to defective products, service errors as well as installation faults.
You must know that Businessowners Policy does not provide protection for workers’ compensation, auto insurance, disability insurance, health insurance.
Insuring home business
If you think having homeowners insurance would protect your home business then think again. Your home owners insurance will protect your home business only partially. You may, however, choose from 3 basic policies available to protect your home business:
- Homeowners Policy Endorsement: This is a simple endorsement to your homeowners policy that stretches your coverage to your business equipment too. This is to cover injuries to client in your premises.
- In-Home Business Policy: Loss of documents, accounts to receive and off-site business property is covered under such policy. There are some policies also paying for loss of income from a fire breakout or any other accident in the premises.
- Businessowners Policy (BOP): Covers any business property.
Claim for business insurance
If disaster strikes and you have to make a claim you may do so by following the few easy steps mentioned here.
- Contact your insurance company or your insurance agent as well as the police informing them about the event.
- If you are already not aware then check from your policy document how you will be covered in such an incident.
- Keep the damages parts for the insurance adjusters to review if they need to. You may go for temporary repair but see to it that this does not further damage your property.
- Bid for quotations from more than one company in order to repair the damage. Repairing may cost a lot and hence if you can bid for a couple of quotations you may be able to compare and get a better value.
- Keep a detailed record of your business process so that you can compare the income generated and the compensation that you will be receiving from your insurance company.
Developing a business is not an easy task. Like there is profit, there are risks involved too. It is better to be prepared for the risks and avoid greater damage when disaster strikes. Not everyone is able to recover from a disaster breakout. Give yourself the strength to combat any damage that may come your business’s way.
Useful Resources:
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