The Business Of Insurance

There is no denying the fact that success of a business depends on the hard work of the team but one disaster can wipe out your efforts and bring down the profits to dust. So, to avoid such an instance, you need to insure your business, whether it is a small enterprise or a large corporation.

Business Insurance

There are insurance companies, which have policies that combine protection for all major property and liability risks in one package. Such a policy is called a business owners’ policy (BOP). Larger companies may purchase a commercial package policy separately.

BOPs include property insurance for buildings and equipment owned by the company. If there is any loss of income due to disruption of operation and business because of accidents like fire, it can be covered under the Business Interruption Insurance.

There are liabilities, which cover the company's legal responsibility for the harm it may cause to others. It is the result of your company’s failure to do the business operations. It can also be the bodily injury or property damage caused due to defective products, faulty installations and errors in services provided.

BOPs can also cover your businesses commercial auto risk, including auto liability and physical damage.

However, BOPs don’t cover professional liability, auto insurance, worker’s compensation or health and disability insurance. Separate policies are needed for professional services, vehicles and employees. Generally, floods, earthquakes and terrorist attacks are not covered in the business insurance.

Your local independent agent, who is familiar with your business and the provisions of your insurance contracts, can be a source for essential information and guidance. Consider inviting him or her into any conversation you may have about protecting your business from loss. You will be glad you did.