Business owners insurance: why you need it
Business owner’s insurance provides protection for liability risks in one insurance package. This form of insurance is often more cost-effective, saving the business money in the long-run, especially if damage to the property is sustained.
When it comes to insurance, many employers are unsure about what they need or whether they need any whatsoever. At a bare minimum, investing in a business owner’s insurance package is a must. Think of this package as a broad coverage, protecting you against numerous events, incidents, or interruptions. For example, the business owner’s package (BOP) includes:
- Business interruption insurance
- Property insurance
- Liability insurance
- Cyber liability and crime insurance
- And more!
Depending on the type of business (e.g. size, market, industry), owners can alter their BOP, removing, or including different insurance policies.
Purchasing BOP allows the company to save money by purchasing a bundle instead of purchasing various individual packages.
Business owners insurance protects you from property damage
As a business owner, you never know when a disaster is about to strike. Running a business is like being a firefighter; you’re continually putting out fires, whether that be a marketing budget, working the books, or dealing with physical property damage.
Property damage includes damage from the wind and rain, covering all contents such as stock in the event of damage to a certain figure (this is dependant on the business).
Coverage against theft, both cyber and physical
Cyber theft is on the rise, with cybercrime damages estimated to cost upwards of 6 trillion dollars per year by 2021. Therefore, to avoid becoming part of another statistic, perhaps losing a life’s work, investing in business insurance is essential. This protects your business in a worst-case scenario.
The same applies to physical theft; BOP covers this as well. Once again, while you may brush it to the side or perhaps under the rug, the unfortunate truth is that your business could become victim to theft and property damage.
For small business owners or startups, theft without insurance in-place could mean the difference between success and failure. Purchase business owner’s insurance today and avoid becoming a mere figure.
To find out more about the professional insurance plans business owners insurance and BOP, click here.