Business owners policy

Business owners policy

Protection from liability and loss for your company

A policy that covers liability and property insurance is known as business owners insurance or simply business owners policy insurance. Many small and medium-sized enterprises, including restaurants, distributors, retailers, and contractors, like it.

Coverage under BUSINESS OWNERS POLICY

Two essential coverages can be included in a company owners policy:

Liability

A business owner’s policy offers the same liability protections as a general liability policy. Protection against liabilities including customer injury, property damage, advertising injury, and claims relating to products is part of this.

Your employees are not covered by a business owner’s policy. A separate workers’ compensation policy is required.

Property

Commercial structures and business personal property, or the moveable property owned by and used by the firm, are both covered under this coverage. As part of a covered loss, it may also pay for extras like debris clearance, lost wages, and environmental remediation.

Like most other plans, a BUSINESS OWNERS POLICY policy has some coverage exclusions that you should be aware of. Policy endorsements may be offered to extend coverage if you require protection for something that isn’t covered.

For instance, a BUSINESS OWNERS POLICY normally does not cover damage caused by earthquakes. Consider adding an endorsement to your policy to improve coverage if you reside in an earthquake-prone region. When getting your quote, enquire about endorsement possibilities.

Cost of BUSINESS OWNERS POLICY

For new customers of United Precious Insurance in 2021, the median monthly cost of a Business Owners Policy policy was $68. The average monthly cost was $101.

The lower median price shows that a few high-priced outliers artificially inflated the average cost above what the majority of policyholders actually paid.

Your business’s specific characteristics, such as the requirement for coverage, the profession, the number of employees, and the history of claims, will have a significant impact on the final cost. If you have a history of claims, stringent coverage needs, or above average risk exposure, you may find that the cost of your business owners policy insurance is higher.

Frequently asked questions regarding company owner policies