Few things are more rewarding than starting and growing a successful company. With the time, money and energy required to take your organization to the next level, you want to be sure you do what you can to protect your investment. Purchasing a business owner policy is often an effective strategy for mitigating risk. Often, business policies cover three major categories.
If your company’s physical assets sustain damage due to fires, natural disasters or other causes, you may not have the financial resources to make repairs. By purchasing property insurance for your company, you generally achieve the peace of mind you need to do business with confidence.
Damaged facilities or equipment can cause production delays and other work stoppage issues. As such, you may want to work with an experienced agent to add business interruption coverage to your business owner policy.
Your company may invite customers to visit. If one slips and falls, you may find yourself defending an expensive lawsuit. You also may be liable for injury caused by defective products. Either way, to safeguard your company, you may choose to add liability coverage to your general business policy.
While these types of coverage are common to many business owner policies, they are not necessarily standard. By understanding your organization’s risks and working with the right agent, you can likely purchase the right business owner policy.