Business Owners Policy 101: What Is It, And Why Do You Need It?

Business Owners Policy

People tend to be fairly consistent in remembering to insure their homes and personal lives. 93% of American homeowners have at least basic homeowners insurance, and many have additional types of insurance to cover things like auto insurance, life insurance, and more. But what about businesses and professional parts of your life? Have you remembered all your insurance options for those? To get you started, here’s an introduction to what a business owners policy is, and why you might need one.

What Is A Business Owners Policy?

A business owners policy is a type of insurance package that’s designed for, as the name would suggest, business owners. These policies combine general liability insurance, which most business owners remember to get, with property insurance. This second half of a business owners policy often goes overlooked when business owners are selecting their own insurance plans, but it can be incredibly important in certain cases.

Why Is Property Insurance Important?

While your general liability coverage will protect you, employees, and customers, it won’t necessarily cover your property on its own. If you own your place of business, you’ll want to look at a business owners policy to protect your property, including the place of business as well as belongings within the space. Opting for a business owners policy over general liability insurance keeps every part of your business safe.

When Do I Need A Business Owners Policy?

Generally speaking, a business owners policy is a good option for most businesses. However, certain professions and industries will require additional insurance as well. Professional liability insurance may be needed to properly protect you against punitive damages depending on your company, so be sure to look at a variety of commercial packages before deciding on insurance.

As a business owner, you’ll need to make sure you and your business are properly covered and insured. This will help you avoid potentially expensive and damaging situations later on. A business owners policy can help you protect your business by covering both general liability insurance and commercial property insurance. For more information on commercial insurance options, contact Cobalt Steele today.