Is Business Owners Policy A Good Idea?

As a business owner, you cannot help but be a little paranoid about everything that can go wrong.  It takes your blood, sweat, and tears to build your business.  You put everything at risk to ensure its success.  

It takes a lot to run a business.  There are so many details you will need to work on.  This makes it easy to get lost in.  At the same time, you want to make sure you protect yourself and your business from anything that can go wrong.  When looking for insurance, how do you know you are able to cover all the bases?


What is a Business Owners Policy?

Imagine an insurance policy that can provide coverage from all sides.  This is the convenience and value of a business owners policy.  It is a package of the different coverage a business will need. There are 4 basic pillars found in the package.  They are the following.

• General Liability

This gives protection for property damage, physical harm,or bodily injuries you or your employees may be responsible for.  

• Commercial Property Liability

This is coverage to protect the different assets you have.  This encompasses your building, facility or office space, equipment, and inventory.

• Crime Protection

It provides coverage in cases of theft, fraud, or other crimes against your business.

• Business Income Insurance

This can help pay for salaries and other expenses in cases the business temporarily closes.

There are other coverage inclusions that you can choose from.  What is important is to choose what suits your industry best.  

I am a small business, do I need a business owners policy?

Is your business located separately from your home?  Do you have property or equipment valuable enough to need protection?  Do you employ less than 100 workers?  If your answer is yes, then it is recommended.  Especially for small businesses, a single issue can easily collapse your company.  Since you have less resources, it is possible to exhaust all of these resources to resolve the issue experienced.  If this happens, all your hard work would crumble along with it.  

Although not every type of risk is covered by a business owner's policy, it greatly reduces the risk of running a business.  Business is a play on risks, if you can eliminate more risk, the more chances you can succeed.  Personally, I tend to think that if it holds a significant value, then protection will always be needed.

At CSIS Insurance Services, Inc, we aim to provide comprehensive insurance policies that makes your life easier. You can get more information about our products and services by calling our agency at (888) 501-2747. Get your free quote today by CLICKING HERE.