Why do I need insurance for my business?
Starting your own business means taking on many risks. You will need to protect the value of your assets that you purchase for your company. Insurance can help you recover when things go wrong. From property losses related to items such as fire, theft, or looting, to liability issues should someone sue, or threaten to. With the proper policies in place you will be able to enjoy your role as a business owner with no stress.
Insurance should be included in your business budget.
When starting out, aim to separate your company assets from your personal items to determine the amount of insurance you’ll need to carry.
What’s covered in a BOP (Business Owners Policy)?
- Property Damage – This covers damage to your building (owned or leased), equipment, furnishings, fixtures, displays and inventory.
- Business Interruption – If you are confronted with a damage that forces you to stop operating for a period of time, your revenue stream is protected from lost business income.
- Liability insurance for your business – Covers damages paid in judgments or settlements, and legal defense costs, if you are sued or held liable for accidental bodily injury or property damage arising from a covered cause of loss.