Business owners know how important it is to anticipate the risks and prepare for the worst possible outcomes. That is why business insurance is such an essential in any working business model, no matter how small the company may be. A disaster may be the reason you have to give up your business, dreams, and the future you planned carefully for.
So, you know the importance of business insured. Do you know what the best kind for you is? A Denver Business Owner’s Policy goes a step further to protect against property damage, liabilities, leased land or objects, and even loss business income from problems.
What Can A Business Owner’s Policy Protect?
These types of insurance policies are fully inclusive, and it can save you the time and hassle of trying to find different coverage for different areas that need it. There are a few main points of coverage to consider, and most policies are fully customizable to fit the specific needs of the individual company.
General Liability Coverage
The biggest reason for concern is the little mistakes or accidents that could happen at any moment yet have major financial pitfalls in their wake. Some of these may include, but are not limited to:
- Injuries that happen on-site for customers or employees
- Slanderous claims against your company
- False advertising
- Damaged assets
- Loss of income
Depending on the policy, many things can be covered under your general liability coverage, which is a basic and standard package option for most business owner’s policies.
Another aspect you want to ensure you have fully covered if your property liabilities. Make sure your policy isn’t limited only to the land and structure you rent or own, but everything that is within, as well.
All major property, belongings, and other important aspects of your business will be included in a business owner’s policy, though some may be additional packages as the tiers go higher up. Smaller businesses require less coverage, while the more medium range need quite a few different protection plans. Getting it all under one policy umbrella is the easiest way to handle it.
Of course, your company has a security system, hopefully complete with cameras, alarms, codes, and other means of protecting your assets. You should have this equipment insured, as well, and warranties through your security providers may not cover it for the duration you need.
Additionally, you want your money secured and protected, as well. Some may consider this part of the liability coverage, but it goes beyond that. In the case of a successful robbery or a dishonest employee pulling funds, you want to rest assured that the lost money is replaced to your bottom line with your insurance policy. Not every business will need specific insurance plans, especially if they don’t work in retail or in other commerce industries. However, every company does deal with money and security in some way, so getting even a basic coverage plan for your securities and monetary assets is encouraged.