When you have a business, you might be wondering if you need to have insurance. You may not want to spend any extra money, but it is essential to consider getting insurance.
Why do you need it? What does your insurance cover when it comes to your business?
Most businesses start with a business owner’s policy, also known as a BOP. This includes your business property, liability, and business income coverage.
- The business property will cover your building, as well as the property that you have inside. This includes the office furniture and supplies you need to run your business. It will also protect your inventory.
- Liability insurance covers many different things. It will protect you if someone falls in your place of business. It can also protect you if you get sued due to your work. If a client claims you made a mistake that hurt their business, you could be looking at a lawsuit.
- Business income insurance helps you if you lose income. If you need to close your business for certain reasons, like property damage, it will help you pay for your expenses during this time.
Most business owners start with a BOP, which protects their property, income, and business if they get sued. That is often enough, though you may need extra insurance if your business gets hacked. You may also need commercial automobile insurance if you have drivers on the road!
Talk to a professional today if you want to ensure your business is fully protected. Don’t hesitate to contact us at Commercial One Insurance Service in Burlingame, CA.