Why You Need Business Insurance

Thursday, October 31, 2019

Why You Need Business Insurance

Businesses buy business insurance to help them cover the costs incurred from liability claims and property damage. A business owner without adequate coverage may have to pay for legal claims and costly damages out-of-pocket. Depending on how the severity of the incident, a company may end up going out of business. Here’s how you can benefit by buying a business owners policy, also called a BOP.

The majority of small businesses need a business owner’s policy (BOP). A BOP is a combination of business income, business property, and business liability insurance into a single policy.

Is Business Insurance Required?

One question that many business owners have is if business insurance is required. In some cases, the answer is no. However, that doesn’t mean your business will be fine without adequate insurance.

Overall, business insurance is helpful in the event you find yourself facing an unforeseen event as a business owner.