When you say Business Insurance it encompasses many lines of coverage. We are going to speak briefly about the coverages that pertain to the Property and Casualty.
Property insurance covers your building and contents.
Liability insurance can cover premises and Professional (your expertise) exposures.
Loss of use and business income are just some of the many additional options available. Your industry usually dictates the type of policy that will work for you.
Two policy types are generally available depending on your risk:
BOP is an acronym for Business Owners Policy. It is a comprehensive package of property and liability with additional coverage options available.
A Special Multi-Peril Policy SMP, in essence, you build your own package.
What is right for you? That is where we step in.
Each “line of coverage” addresses specific risks that quite literally could threaten the survival of your business.
Insurance companies and policies are all different, and some are better than others at “living up to their promises”.
The average small business faces 4 or 5 separate and distinct “Liability” exposures, yet the average small business has coverage for just one or two of those Liability exposures. Every day they face the possibility of an uninsured financial catastrophe.
General Liability coverage is important; however, it is not enough. The typical General Liability policy has 15 or more exclusions, and that’s why it’s critical to consider “other” Liability policies.
To be sure, Business Insurance is very complex and there are a myriad of options available to properly protect your business, call us.