To bundle your business insurance coverage or pick and choose.
Many small business owners believe that if they have general liability insurance, all of their losses are covered, as well as any incurred by their customers, but they’re mistaken. It’s a convenient form of self-deception, believing that one type of coverage will shield their every vulnerability. If only the world was that simple.
What is true is that every business, even if it’s home-based, and even if you’re its only employee, needs general liability insurance because it provides both defense and damages if you, your employees, or your products or services cause or are alleged to have caused bodily injury or property damage to a third party.
However, general liability insurance will not protect your property, which includes the building (or home) where your office is located, your inventory and your equipment, including tools and laptops. Which means that property insurance is a necessary supplement to your general liability policy.
A Business Owner’s Policy (BOP) bundles general liability insurance and commercial property insurance, plus some optional coverage, into one tidy and affordable package that’s well suited for most small businesses. Unlike stand-alone small business policies, this small business liability insurance eliminates coverage restrictions and limitations and offers additional enhancements.
Typically, a business owner will save money by choosing a BOP because it tends to be cheaper than purchasing comparable coverage independently. However, a BOP might not include all of the coverage you may need, so it’s best to consult with an agent. For a free quote, contact Peter Green Insurance at 714-258-2800 or 888-725-7776
This is for informational purposes only. The actual terms of an insurance policy and related law prevail over the information provided here. In the case of a dispute, the insurance policy is controlling and a court of law will rely on the policy as it is written to resolve the dispute.The policy is the only document that describes what the insurance company will pay. The information contained here does not create rights or obligations on the part of the insured, the insurer, the agent, the broker, or the state. This information is not intended to be a substitute for the actual insurance policy.