What Is Covered Under A Business Owner Policy?

​Insurance is one of the essential resources a business owner can have. Aside from protecting hard-earned funds and resources, a good insurance policy can also save a business the hassle of dealing with operational and incidental issues and their fallout. 

Many types of insurance are available for business use, and it helps to explore options that might fit a business and its needs. A good insurance policy may cover all bases and ensure that every part of operations is protected and properly compensated for should there be a need. 

Business Owner Policy: What Does it Cover?
As the name suggests, a business owner policy seeks to cover all bases overseen by a business owner. This type of policy may cover most properties and liabilities, effectively covering all areas a business owner might need in one bundle. 

Business owner policies are often marketed to small and medium-sized businesses (SMBs). Its inclusions may cover properties, liabilities, and losses due to business interruptions. Despite neatly packaging a business' owners' concerns in one, some insurance providers require a certain level of eligibility to be able to avail. 

Property Insurance
Coverage for property insurance is usually peril coverage, compensating for damages specifically stated in the policy, usually for calamities and other physical damages that might affect business operations and reputation. Other policy providers may offer an "all-risk" bundle, covering as much of these incidents as possible, compared to the usual. 

Property insurance may cover business sites such as buildings and offices, items and supplies owned by the business and its stakeholders, and other items under its custody.
 
Liability Protection
Running a business has its ups and downs; an untoward incident happens for whatever reason and liability insurance may protect your business from damages. This type of insurance may cover incidents such as damaged and defective products, injuries, property damage, and other product and service errors. 

Business Interruption
There will be times when business operations might need to either pause or relocate due to natural disasters and other issues. 

Business interruption insurance may cover incidents that cause a business to cease or relocate for the time being, whether due to disasters or events that cause a loss of income. This policy may help shield your business from additional costs in shifting operations. 

Other Policies and Inclusions
Due to factors such as business type and location, policyholders may add other types of policies to protect other areas of their operations. Policies like vehicle and cybersecurity insurance would be a great acquisition for any insurance the business already has. Each policy has edges, so it’s best to cover more ground by acquiring insurance for other areas not protected by another.   

Where To Start?
Some insurance providers require a certain size, amount of revenue, and other specific details to be able to avail of a policy. Unless these qualifications are met, a business would not be considered eligible. 

​At CSIS Insurance Services, Inc., we aim to provide comprehensive insurance policies that make your life easier. We want to help you get insurance that fits your needs. 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.

Disclaimer: The information presented in this blog is intended for informational purposes only and should not be considered as professional advice. It is crucial to consult with a qualified insurance agent or professional for personalized advice tailored to your specific circumstances. They can provide expert guidance and help you make informed decisions regarding your insurance needs.​