As an owner, you may already know that running a business can be tough. Unforeseen circumstances such as lawsuits, workplace injuries, and even business debt could put your company at risk.
It’s important to get a business owner’s policy (BOP) right from the start. In case any of those scenarios occur, you know your company assets are protected. Other advantages of having a business owner’s insurance are detailed below:
Get Commercial Property and General Liability Insurance in One Policy
The greatest thing about having a BOP is that you don’t need to purchase commercial property and general liability insurance separately, saving you a lot of money. Apart from that, you can also customize your BOP by getting additional coverage that will suit the industry-specific needs of your business.
Avoid Lawsuits Through Premises Liability Coverage
Accidents can happen any time, and in case a worker gets hurt or injured on the job, failing to own accountability can lead to lawsuits. By having a BOP, you won’t have to worry about paying for their medical expenses since your general liability insurance will deal with that. And when it comes to worse, your BOP can also shoulder the legal costs for a lawsuit.
Receive Compensation for Damage to Property
Most BOPs include property insurance, which comes in handy if a natural or human-made disaster damages your business property, regardless of whether it’s owned or leased. Additionally, a BOP can provide coverage for any destroyed or stolen company item on-site when the incident occurred.
Get Coverage for Loss of Income
If you need to halt your operations because your business property is severely damaged, having a BOP can make up for your income loss. Additionally, your insurer may also provide compensation if you wish to continue your operations in a temporary location.
Talk to Farmers Union Insurance Today
For reliable business owner’s policy, turn to no other than Farmers Union Insurance. Through our special BOP, we can help business owners by providing superior protection to their property and company assets. Get in touch with one of our agents today to learn more!