What’s not included in business owner’s insurance?
If you’re a business owner, you may be familiar with the business owner’s insurance package from Professional Plans. This type of insurance is purchased as a package deal, offering various business-related insurance types in one plan.
For example, this will cover property damage, theft, property insurance, interruption to your business, and more. This is your go-to package as a business owner, protecting you against a wide array of different things, some of which are in your control and others that are not.
We’ve already covered what’s included in the business owners insurance package in a previous article; you can find this by clicking here. Instead, this article will discuss what’s not included in the package.
Generally, liability is not included within business owners insurance. You will need to purchase this separately to protect yourself, whether this is related to malpractice or providing the wrong product, which may cause harm to a customer.
You will also need separate insurance to cover vehicles, including vehicle damage from flooding, damage on the road (if these are company vehicles), and if anything is to go wrong. This is similar to regular auto insurance, but tailored to your business.
This type of insurance is relatively easy to purchase, just contact your regular insurance provider, and they’ll likely strike you a deal.
If somebody is to get hurt at work and you do not have the appropriate insurance in place, you could be in severe financial trouble. Worker’s compensation insurance needs to be purchased separately. Even if you don’t run or work on a busy construction site, accidents can still happen at work, so it’s essential to remain covered.
Health and disability insurance
The same applies to health and disability insurance. You can purchase these for your workforce. However, it is not included within the business owner’s insurance package. If a worker is injured at work, these cover financial costs to ensure they have enough money to support themselves and their families.
Other professional services
Finally, there are a few other insurance types that are not included within the business owner’s insurance package. These include policies for professional services, vehicles, and cover for your employees.
To request a quote for the business owner’s insurance package, please click here.