Business Owners Insurance

A great help to small businesses, business owner’s insurance, also known as the business owner’s policy, is an essential coverage for businesses to be covered against accidents, financial loss, property damage and more. This policy covers the many essential aspects required to run the business without interruption or much disruption in any situation.

Independent contractors and small businesses (restaurants, retail stores, etc) can safeguard their investments and protect themselves from liabilities with the business owner’s insurance.

Small Business

Any accident caused by a small business or its employees could attract a lawsuit, which could be prevented by this coverage. Some of the business owner’s insurance coverage options available for small business owner’s are as follows:

  • General Liability
  • Business Buildings and Personal Property
  • Extra Expense and Loss of Income
  • Identity Theft
  • Equipment and Electronic Data
  • Records and Valuable Papers
  • Employment Practices Liability

Independent Contractors

Independent contractors are required to own some sort of business liability insurance covering the property owner’s interests or general contractor of the worksite. The needs of a contractor are slightly different from those of a small business owner. Some of the business owner’s insurance coverage options available for independent contractors are as follows:

  • Contractors Liability
  • Blanket Additional Insured
  • Short-term Pollution
  • Extra Expense and Business Income
  • Business Building and Personal Property

Business Property Coverage

This aspect of the business owner’s insurance protects the business’ property (owned, leased or rented) including building, inventory, equipment, fixtures and furniture. Damaged media and computers and lost records of accounts receivable are also covered.

Business Liability Coverage

When harm is caused by the business resulting in damage to property or injury to an individual, the coverage protects the business against any liability. This also includes the defense costs.

Loss of Income

The insurance provider would replace any covered loss of income due to an unforeseen event. This would enable the business to continue meeting its financial obligations including payroll and rent.

Employment Practices Liability

Employment related liability against discrimination, retaliation, harassment, wrongful discipline, Family Medical Leave Act violation, wrongful termination or failure to promote is covered by this option.

Data Breach

Available as an optional coverage item, data breach coverage can help a business get the right professional help in complying with regulations, preventing data breach and handling breach crises.

Qualification

To qualify for the business owner’s insurance a business must be medium to small in size, that is, it should have less than 100 employees and make revenue of less than five million dollars.

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