Business insurance is designed to protect an investment that is often the object of so much of one’s expenditure- be it in the form of money, labor, or just plain life energy. Adaptable to meet the particular needs of individual companies, there is a myriad of different types of business insurance offerings that may be obtained.
The kind of coverage amounts that would be considered the legal minimum will vary from state to state and also due to the kind of business that is being covered- (some are more risk inherent than others). The larger the company, along with the greater risks that generally are inherent with certain kinds of service providers, the more coverage will likely be needed. At the very minimum, the typical business owner should purchase at least property, casualty, and general liability coverage. If the business employs workers then it will likely benefit from some kind of group health insurance and also, importantly, with workers’ compensation coverage. If there are vehicles utilized in the conduct of the business, a wise entrepreneur might purchase a commercial auto policy as well.
Many business people often run their operations assuming erroneously that they can adjust (read “lower”) their total coverage amounts a bit here and a bit there and then safely enjoy savings with no adverse consequences. This could be quite true until the need for your insurance suddenly crops up. If an accident or injury were to occur, the business owner would likely deeply regret the day he or she decided to trim some of that coverage to save costs. Being covered only for the minimum amounts can easily transform a slight irritant into a hugely expensive ordeal. Once the minimum coverage line is crossed, the owner’s own finances or company assets are the next targets in line.
One of the best ways to mitigate costs without sacrificing coverage protection is to choose a business owner’s policy, which is abbreviated as a “BOP.” These are designed with the concept of bundling all forms of necessary business coverage together with a significantly discounted price. And these policies can be amended to meet new risks or to contain costs on past risks that don’t have the same significance any longer. Call one of our insurance experts today to get the low-down on the latest and best in business insurance plans, preferably prior to opening the business’ doors to the public.