Business Insurance

Business Owner’s Insurance Policies

Running a business requires vigilance with respect to managing risk. Business insurance is a form of protection that entrepreneurs buy to help them offset losses associated with negative events occurring during the normal course of business. This kind of insurance guards the business owner against catastrophic losses brought about by property damage, crime and theft, personal injury, legal liability, and general operational risks.

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A business owner’s protection policy (“BOP”) combines many forms of insurance in one policy. BOP is for self-employed individuals who conduct business in some physical space, which is sometimes occupied by customers, employees, or both. Business owners need to evaluate their risk management needs based on realistic expectations of suffering losses across time and purchase the appropriate insurance.

Business insurance works by means of risk transfer, a concept rooted in commerce. Large insurance institutions agree to assume responsibility for a portion of a customer’s financial risks in exchange for a regular stream of premium payments.

Business protection policies incorporate many different forms of insurance into one contract. This does not mean that business owners and managers can’t buy these policies individually. Liability coverage protects against losses from product liability and risks associated with specific hazards of a business operation.

Property insurance protects the premises, equipment, and inventory of a business. Business income insurance covers lost income when business operations are involuntarily suspended. A “key man” insurance policy insures an organization against losses resulting from the unexpected death of essential personnel.

Insurance is a necessity for every business, regardless of size. Insurance protects the “goodwill” and brand equity of ongoing concern and helps to maintain its fiscal health. The right mix of insurance enhances the value of a business making it more salable when the time comes to cash out.

Customers and vendors alike always have more confidence in doing business with an organization that is adequately insured. The many benefits derived from carrying insurance of this type also include the peace of mind that comes from putting aside concerns associated with most operational risks.