A small business needs a good small business insurance policy. Small businesses can run into problems just like large corporations. The only difference is that a small business has a lot more to lose, especially if it is a relatively new business with minimal financial resources. The key to making sure your side business is protected is a good business owner’s insurance policy (BOP) that will cover you if something goes wrong.
Why Buy Small Business Insurance?
Small business insurance serves a few good purposes. It not only covers your business if an accident occurs, but it also gives you peace of mind. In the event of a covered loss, you will be able to replace lost inventory and repair damages without having to use money out of your pocket. It protects your assets if someone is injured on your property and your company has to cover the cost of their medical bills.
The right type of BOP insurance will give you the peace of mind you need to feel secure that your business is fully protected. Every business won’t need every type of business insurance. The goal is to find the types of insurance your small business needs and bundle them into a BOP that you can afford. Talking to your insurance agent will help you get it right.
What Is Included in a Business Owner’s Policy?
A Business Owner’s Policy includes multiple policies bundled into one. This gives you the maximum amount of coverage while only having to make one payment a month. A few of the policies that are bundled into a BOP policy include:
- Cyber liability
- Vehicle coverage
- Product liability
- Workers’ compensation
- Property
- Professional liability
- Business interruption
These types of policies will cover almost any type of problem you may experience as a small business owner. Your agent will customize your BOP insurance to meet your exact needs. Taking a few minutes to go through what your business may or may not need in terms of business insurance is the best way to make sure you have the coverage you need.
Protect Your Investment. It’s Worth the Cost
If you are still trying to talk yourself out of the extra expense, you may want to consider just how much time and effort you have put into getting your business off the ground. Some small businesses don’t consider all of the time and energy that they funneled into their business just to get it up and running. Your time and resources are incredibly valuable. Protecting your small business with BOP insurance will ensure that you are covered in the event of an emergency.
Purchasing the right commercial insurance can protect your business in unforeseen circumstances. To learn more about which policy works best for your business needs, contact the experts at Phocus Insurance Services in Phoenix, Arizona today. We are ready to assist you with all of your coverage needs.
