Business Insurance: Protecting you and your clients

In today's economy, people are starting their own business or thinking of starting one. One essential part of owning your own company is business insurance. Consider Murphy's Law. Anything that can go wrong, will go wrong. Even small businesses can be sued.

Business insurance consists of two parts. Insuring your business location (property), and insuring the business itself (operations). If you operate a small- to medium-sized, low-risk business, you may be eligible for commercial liability insurance coverage through an affordable property and general liability package policy called a Business Owner's Policy, or BOP. 

A BOP insurance package for small businesses is a single commercial insurance policy that combines property insurance with commercial general liability insurance  coverage. For many small but expanding companies, buying a BOP to secure general liability insurance coverage is an affordable way to secure small business commercial liability insurance coverage. 

Commercial general liability insurance is a comprehensive policy that companies buy to protect themselves in case of debilitating events, such as an illness or injury suffered by an employee or damage to property. Purchasing this policy is the first step businesses take to protect their assets. This safety net is critical in a society in which the number of lawsuits and the value of judgment awards have increased over the years.

By having a general liability package, companies can relax knowing that they can conduct business without having to worry unduly if an allegation is brought against them. If a claim is filed against an insured business, their insurance company will conduct a thorough investigation to eliminate any claims that are proven to be unjust. Legal fees, including court costs, are covered under the policy. If the business is found liable and the incident is covered under the policy, their insurance company would pay the award amount up to the coverage limit purchased by the insured.

Not having comprehensive coverage, like commercial liability insurance, leaves a company unprotected if an incident like an accident or injury occurs. It is wise to research the sufficient amount of coverage for the industry to gauge how much coverage is needed to avoid paying with funds from the company. With the amount awarded in lawsuits skyrocketing in recent years, a judgment against you can be catastrophic to your business.