A business owners policy can be a lifesaver for those whose businesses fit certain criteria. This isn’t for large-scale corporations or businesses in a risky industry. This is for those that are smaller, where the slightest property and liability damages could prove to be devastating.
What Makes A Business Eligible For A Business Owners Policy?
To attain eligibility, your business cannot have more than 100 employees. The office or other workspace has to be small, and your business has to operate in a low-risk industry. Annual revenue must be under $1 million, and your business would only need to require fewer than 12 months of business interruption insurance.
What Is The Purpose Of A Business Owners Policy?
A business owners policy has property and liability insurance components. In other words, it provides reimbursement for damages done to the property and its contents and helps cover legal fees in case of lawsuits.
In terms of property coverage, a business owners policy will supply you with funds if the workplace has suffered damages from a covered event, such as a major storm. This also extends to any valuable items within the building. For this reason, you need to get an accurate evaluation of the company property so you will receive adequate reimbursement if it is damaged.
On the liability side, you will be able to earn an income without having to sacrifice it for legal fees if a customer or client suffers an injury on your property, you are sued for copyright infringement, or are facing legal action due to product liability.
Why Should I Get It?
Business owners policies protect you from lost revenue from business interruption. Without a business owners policy, being unable to provide goods and services due to damages can lead to business foreclosure.
Sometimes it’s a requirement. If you get the property as part of a commercial lease or enter a contract with a client, they may mandate that you get business owners insurance.
You can also attach endorsements to make your coverage more comprehensive and therefore provide you with more peace of mind. An example would be cyber liability insurance, which helps keep important files safe if someone conducts a cyber attack.
Keep Your Business Safe
At Remco Insurance Services, we will get you a business owners policy so that you can focus on growing your business instead of fearing potential disaster. We want you to stay in business and continue striving to meet your goals. Learn more by contacting us today at (215) 357-7878 or send us a text at (267) 692-8296.
