Why do you need a Business Owner Insurance Policy?
Why do you need a Business Owner Insurance Policy?
Business Owner Policy
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Split
Insurance
The Business Owner policy offers
comprehensive coverage with the added benefits of customization and
flexibility. Present a combination of necessary insurance: commercial property
insurance, liability insurance and business interruption insurance. You can
also add optional insurance and customize your policy to suit your small
business needs.
A detailed explanation of the insurance cover
with practical examples will help you to better understand the policy.
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Commercial
property insurance
Commercial /business property insurance secure
the fix assets of your business. In the event of damage to your property as a
result of an insured risk, the insurance company will reimburse the company for
a fixed premium. If your restaurant catches fire in the kitchen, your building
loses its roof in a hurricane, or your business is broken into, all of these
events are covered against loss with the right business policy.
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General
Liability Insurance
Even if the complaint or action is unfounded,
the Company will pay the costs of the action and, if applicable, the negligence
claim settlement. Examples of potential claims or lawsuits include personal
injury and property damage resulting from business, completed projects, or
product liability. Liability insurance covers the costs of legal defense and
judgments on covered damages.
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Business
Interruption Insurance
Business interruption insurance primarily
replaces lost revenue due to direct damage at a covered location resulting in business
closure. For example, the roof can be blown off in a hurricane, damaging not
only the roof but the entire interior and destroying the contents. Many
companies will not survive a major property loss or supply chain disruption.
Loss of income, everyday expenses like paying key workers, expedited equipment
replacement, and moving to a makeshift space are just a few of the things this
type of insurance covers. Business income insurance can help get your
operational and profitable again.
Business insurance Additional Coverage
You can customize your Business Owners business
insurance policy through a referral with additional coverage. Common optional
policies you can add to your business owner's policy include:
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felony
If your business has a lot of cash that
increases the risk of theft, or if some of your employees have access to cash
accounts and checks you can Consider money and securities insurance and
employee dishonesty. They can be added to most BOP policies.
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Cyber
Data Breach Insurance, referred to as cyber
insurance by some insurers, covers costs resulting from a data breach such as:
Inform those affected about the
fire.
Hire credit monitoring services when you need
them.
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Public
Relations Management.
This protection is essential if you operate or
own a business that processes or stores personal data of consumers, patients or
employees. For some companies, adding IT support to the BOP is a cost-effective
option. A standalone cyber policy is recommended as the protection provided is
generally more comprehensive and can be tailored to other types of cyber leaks
such as ransomware, denial of service, phishing, etc.
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