If you own a small business, you need business insurance. Whether you operate a small business as the sole employee or with several hundred workers, you face several risks. Business insurance is crucial to guard your assets, property, and income against financial loss from unexpected events.
Hulett Insurance, an independent insurance agency, has provided personalized insurance services to small businesses for 30 years and can help you find the right insurance for your business.
But what does business insurance look like for small companies? Here’s a close look at the most common insurance products for small businesses.
Business Insurance for Small Companies
The most common commercial insurance for a small business is the business owner’s insurance policy, known as BOP for short. A BOP is specifically designed for small businesses and packages coverage, often including business property insurance and business general liability insurance.
A BOP bundles the coverage in one policy, making it simpler for small businesses to review. For small businesses, it may also be more cost-effective than buying separate property and liability coverage.
What Is Covered Under a BOP?
A BOP from Hulett Insurance offers business property insurance and business general liability insurance. Some BOPs include business interruption insurance — this can be included with your BOP from Hulett Insurance.
Here’s a breakdown of your coverage:
Business Property Insurance
Business property insurance, also called commercial property insurance, may cover risks to your premises, equipment, fixtures, contents, and vehicles.
It may guard your business and assets against losses from these hazards:
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Accidental damage
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Fire
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Flood
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Property loss or damage
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Theft
Other hazards, such as vandalism, may be covered under commercial property insurance, and coverage may also safeguard your income.
Business General Liability Insurance
Business general liability insurance, also known as commercial general liability insurance, may cover personal injuries to people you do business with or damage to their property.
You need commercial general liability insurance if:
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Clients come to your property, or you go to theirs
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You can access a client’s equipment
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There is a risk of injury to people or damage to property
Business general liability insurance typically doesn’t cover your business or employees when offering professional services, such as giving a client advice.
Other Business Insurance You Might Consider
A BOP can provide your small company with the most essential business insurance you need. However, to guard against financial ruin, you may consider including a few other types of business insurance.
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Business Auto Insurance: This insurance may include coverage for injuries, collisions, and property damage involving the vehicles you use
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Errors and Omissions Liability Insurance: Also known as professional liability insurance, this coverage may be needed if you offer professional services
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Worker’s Compensation Insurance: This provides medical care and lost wages for employees with work-related injuries; state mandates for coverage vary
Several other types of business insurance can help safeguard your business from financial loss. You can talk to an independent insurance agent at Hulett Insurance to assess and identify your insurance needs and options.
Let Hulett Insurance Assess Your Business Insurance Needs
A BOP can provide the most essential business insurance your small company needs. However, depending on your operations, the number of people you employ, and the industry you’re in, your small business may face risks beyond the coverage you may get from business property insurance and business general liability insurance.
At Hulett Insurance, we have 30 years of experience helping business owners safeguard their businesses. Our independent insurance agents can partner with you to help guard your business against financial loss. Get in touch with us today.
