Do you need coverage for your new business? Before you get started looking for a business owners insurance quote, you need to know exactly what is included in a Business Owners Policy (BOP) and liability coverage. BOP typically INCLUDES liability coverage, as well as protection against property damage, business interruptions, and peril. There might also be physical property damage protection. If you run a business out of your home, check and see if your homeowners insurance covers the office equipment.
In addition to a BOP, you’ll need to look at quotes for policies tailored to your type of work. Every industry has its own type of perils and specific risks. Retailers have to worry about things like inventory loss, damaged or stolen products, etc.
• Advertising agencies have to worry about copyright infringement and slander lawsuits.
• Construction companies have far more risk of injuries, major damages, or even deaths.
• Even if you just work on a computer from a small home office, there are things like copyright issues, data loss, viruses, confidential information getting compromised, and so forth.
Some insurance companies offer Professional Liability or “Errors and Emissions (E&O) coverage, which protects small business owners and professionals from claims of negligence during your normal course of business. You’ll even be protected if you have not made any mistakes and the accusations are false or a misunderstanding is involved.
The point is that you should be looking for more than just price when getting a business owners insurance quote. You need to make sure it will cover all of the essentials of your business. It should also come from an insurance company that has a good reputation for its customer service and claims process.
Business Owners Insurance Quote and Claim Handling
If there is ever a claim reported, the insurer should immediately assign a dedicated a representative to assist you and walk you through the process.
Keep in mind that the US SBA suggests that small businesses perform a risk assessment before shopping for a business owner’s policy in order to determine the best level of coverage.
There are also eligibility requirements, which vary among providers. It depends on factors such as business location, class of business, location, and your own business history. If you have a history of business claims, for instance, it might hard to get a new business owners insurance quote.
The best way to know for sure about your qualifications for business insurance is to have an assessment and to look into services offered by Hiscox Business Insurance. They are fair with their rates and offer a selection of industry-specific, tailored policies. You can obtain a business owners insurance quote almost instantly.