What Insurance Investment Does Your Business Need?

commercial general public liability insurance

Any business needs protection from loss associated with claims issued against the operations. This protection is in the form of financial assistance, commonly called insurance. A company has many risks based on the operations, the location, the products, and the consumers, and general liability policy is the most basic form of insurance protection for any size business.

The Coverage Needs

When a business purchases a commercial general public liability insurance plan, it provides coverage for things like medical payments to injuries that happen to clients or consumers on your property or advertising claims of slander, libel, or copyright infringement. The general liability policy also provides funds for defense costs and settlement demands that may come from a lawsuit against the company.

Other Areas of Coverage

General liability claims aren’t the only things a company should be aware of. Businesses must worry about things like fraud, theft, employee injury, cybersecurity concerns, errors and omissions claims, and equipment malfunctions. Because there are so many other areas of concern, businesses sometimes look at a business owner policy (BOP) and then add endorsements or riders for the additional areas of exposure.

Adding additional policies or creating a more comprehensive package might seem expensive, but investing in a financial backup plan is better than having to spend thousands trying to get out of a legal mess.

Top Questions About Business Insurance

Business owner policy

You have already spent the time and money on getting your business up and running. With all of the hard work, it feels good to see the payoff. It’s easy to get caught up in feeling accomplished, even before you look into a business owner policy.

If you’re new to the business world, you may be confused by what getting a BOP entails. Here are some of the common questions answered.

Do You Need Business Insurance?

The answer is generally yes. A BOP will protect your business against theft, liability and vandalism. Any amount of business interruption is also included.

Is Business Insurance Required?

The best way to find out what is required is to look at the specific laws where your business is located. However, most places do have certain insurances that are required by law. It never hurts to have extra protection.

Can You Bundle Insurance Policies?

Bundling your insurance policies is actually incredibly common. Not only can you bundle your business owner policy, but it is recommended to bundle your policy with your other insurance coverages. This can save you money.

At the end of the day, having a BOP is better for you and your business. Insurance protects you against any loss or damages you might face in the future.