Business Owners Policy

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    A business owners’ policy is a combination of multiple insurance policies, that are usually required by a businessman, into a bundle and sold as one product. Usually, it is feasible for small businesses to buy a Owners’ Policy since the larger companies have more complicated requirements and risks, which has a need for a separately written policy for each category.

    Typically, a policy bundles up, commercial property insurance, general liability insurance, and business interruption insurance. 

    Difference between a business owners’ policy and general liability policy

    The main difference is the circle of coverage. A business owners’ policy provides more coverage than just liability insurance because it also covers property damages and costs for income loss due to interruption in business.

    Whereas, a general liability policy will cover third-party damages, bodily injuries, advertising injuries, and defense costs in case of a claim or court case. This is a part of the business policy.

    As property damage is included in the owners’ policy, it will protect your personal property included in the policy as well.

    A owners’ policy can be modified to fit your needs and specifications and you can always add different coverages to it, for example, commercial auto insurance. You can not add anything to general liability insurance, specifically, things like property, business loss, and auto insurance.

    It actually depends on your requirements, since it might be better for some people to buy general liability and property insurance separately as they might need to cover some specific scenarios that may not be protected. Business owners’ policies can be limited in their coverage sometimes.

    All in all, a business owners’ policy is a perfect insurance solution for small businesses which are low-risk and need basic coverage only.

    Who is a business owners’ policy for?

    As mentioned above, a owners’ policy is a package for specifically small businesses that need basic coverage, nothing complicated or high risk, regardless of their industry. The requirements for obtaining a owners’ policy can be summed up as your company having:

    • Less than 100 employees
    • Make less than $10 million in annual sales
    • Have a physical location where you either conduct your business or store your inventory etc

    If these are true for you and your business, you can get an instant, no-obligation quote from PBIBINS for your consideration at competitive market rates. You can fill out our query form or call one of our experts on business owners’ policy for a detailed discussion of your requirements.

    The requirements for purchasing a  policy

    Not all businesses qualify for a owners’ policy. Insurers consider things like location, size, revenue, and the class of your business when selling a business owners’ policy and might suggest you buy each policy separately. Usually, office-based or workshop-based small businesses are the ones that qualify for a owners’ policy.

    Why do you need a business owners’ policy?

    Insurance is a staple for businesses, especially small businesses since they have a lot to lose in case of a claim. It can potentially shut the business down if not properly insured. Even though larger companies have more complicated risks, they have a cash flow and backup to pick up the pieces in case of a problem and not shut down. 

    A owners’ policy can offer you, a small business owner, a certain peace of mind based not only on the fact that they are covered for unexpected events, but also that they can maintain the major policies easily, not having to deal with different insurers. It makes handling the claims so much simpler.

    The advantages of having a owners’ policy

    Some of the most obvious advantages are

    • It provides a wide range of coverages and protection
    • It can be a money saver
    • It can be customized to your specific needs, so you only buy what you need
    • You can look around the market for a business owners’ policy as many insurance providers carry it

    You can get an instant, no-obligation quote from PBIBINS for your consideration at competitive market rates. You can fill out our query form or call one of our experts on business owners’ policy for a detailed discussion of your requirements.

    What does a owners’ policy cover?

    As discussed above, a consists of three insurances;

    • General liability
    • Commercial property
    • Business interruption

    The owners’ policy coverages span over these three areas. 

    Commercial property insurance policy

    The commercial property coverage covers quite a wide array of things, including;

    • The building that houses your business, whether owned or rented.
    • All office equipment, owned or leased
    • Fundamental company documents
    • Inventory kept on the premises
    • Fence and landscaping
    • Signs and satellite dishes
    • Business Income Coverage
    • Employee Dishonesty
    • Crime
    • Equipment Breakdown

    One thing you have to be careful of when signing the policy is to decide whether you are going to choose the actual cash coverage, which is the depreciated value, or the full replacement cost.

    The second thing you need to decide on is if want named perils; scenarios that are predefined in the policy, or an all-risk policy that covers everything except for the risks specifically excluded.

    All in all, this is a very important part of your business owners’ policy.

    General liability insurance

    General liability insurance is usually the best policy to form a layer of protection for yourself and your business.

    It consists of some basic coverages and may be tailored to fit most of the company’s needs. General Liability Insurance can financially save a company from claims that result from business operations, either carried out by you or your employees. These expenses are mostly linked to third-party accidents, property damage, data loss, bodily injuries, related costs, and any accidents that can possibly occur on your property.

    At the very core of it, general liability insurance protects you and your business from losses caused by the services, operations, and employees that you and your business have. It can be divided into several scenarios/categories.

    • Claims for bodily injury
    • Medical payments
    • Third-party property damage
    • Reputational harm
    • Advertising errors
    • Legal and court fees
    • Defense costs
    • Judgments and settlements in case of litigation
    • Non-compensatory or general damages

    In a nutshell, a general liability policy can be the backbone of protection for your business and the most important part of the business owners’ policy.

    Business Interruption Insurance

    Business interruption insurance kicks in if your business experiences a natural disaster, theft, or vandalism and your business looses income over a period of time, in case it has to shut down for repairs or replacements. This will not be covered by commercial property insurance, therefore business interruption insurance is a very important part of your business owners’ policy.

    What’s not covered?

    As discussed above, the business owners’ policy covers a lot of ground within the policies included. These are standard coverages any business would need. However, there are additional coverages that would be needed to be added for businesses. The biggest examples are workers’ compensation insurance and commercial auto insurance. They are legally required in most states for businesses to perform and would be needed to get licenses or even just work. 

    There are, however, policies that you can add to the business owners’ policy that can provide more comprehensive coverage, for example, coverages like professional liability and EPLI. 

    You can get an instant, no-obligation quote from PBIBINS for your consideration at competitive market rates. You can fill out our query form or call one of our experts on business owners’ policy for a detailed discussion of your requirements.

    What does a owners’ policy cost?

    A business owners’ policy has several factors that determine its cost, just like any other insurance policy. Here are some of the factors that are considered while determining the cost.

    • Industry and the risks associated with it
    • Location
    • Longevity
    • Number of employees
    • Value of the property
    • Claims history

    You can get an instant, no-obligation quote from PBIBINS for your consideration at competitive market rates. You can fill out our query form or call one of our experts on business owners’ policy for a detailed discussion of your requirements.

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