Small Business Insurance can be more than protection against potential losses. It is also a way to thank employees and clients who have helped build the success of your small company. Small Business Insurance can also protect your investment. Understanding the different types of insurance available can help you make an informed decision about what kind of Small Business Insurance best suits your company and the type of policy best suits your needs.
The typical small client property or bodily injury claim is usually $30,000. This is why a Business Owner or policy (BOP) is often useful for several businesses. This comprehensive policy combines business liability insurance and business property into one. This way, you can then help tailor it to fit any gaps in your BOP that your particular BOP does not cover. These policies are sometimes referred to as business insurance because they “cover” business property. Visit here for more information about Small Business Insurance Quotes.
These two types of insurance cover different things. Business liability insurance covers lawsuits for negligence or errors and omissions by employees, contractors or subcontractors. This type of insurance also covers property damage due to vandalism, theft or explosions. Business property is also included under the umbrella of small businesses policies.
There are many benefits to obtaining these two policies. When you combine home, auto and liability coverage together, you can get “bundled” discounts from your providers. Bundling your coverage allows you to save money on premiums and deductible amounts. For example, you can save money on premiums if you agree to pay a higher deductible on your auto policy and opt to accept lower limits on your auto liability claims. On the other hand, if you have both auto and home insurance with the same provider, you may be able to qualify for a combined discount.
However, this type of insurance coverages come with some restrictions. In most states, you cannot have both types of insurance at the same time. Some of these states include: Arizona, California, Florida, Hawaii, Illinois, Louisiana, Maryland, Massachusetts, Minnesota, New Jersey, New Mexico, New York, North Carolina, Oregon, Pennsylvania, and Washington. To help protect yourself against the loss of business, employment or investment caused by injury claims, these states require you to choose one of these insurance types:
Both of these options help protect your business, your employees and your assets. Small business owners should consider both the financial costs of liability coverage and commercial auto coverage. When it comes to commercial auto coverage, these two coverage options are the most common. It is important for you to understand the differences between liability coverage and workers’ compensation coverage. Therefore, when you are in need of these products you should talk to an experienced business insurance agent that can help you understand the differences between these two types of policies.