Business Owner Policy or General Liability Insurance

Who needs it?

• At a bare minimum, any small business, home-based business, or even side hustle should have a General Liability Insurance policy. You will want a Business Owner Policy if you conduct business at a location other than your residence, have a home-based business that your customers frequently visit, or have inventory or equipment that is used in the operation of the business.

Why do I need it?

• Operating a business at any level comes with inherent risks as we interact with other businesses, vendors, and clients. Having the correct insurance plan, is designed to reduce your risk and make it easier for your clients to work with you.
• It may be a requirement of your industry. Certain industries may require you to carry general liability coverage or property protection from the Federal, State, local, or organizational level.
• It may be a requirement of your customers or contractors. Many home service businesses are required to carrier general liability insurance at the request of their customers or the general contractors that arrange work for them.
• It may be a requirement if you lease a space to operate your business. Retail centers often require tenets to furnish Business Owner Policies to protect their interests.

What does it cover?

• General Liability Insurance – Protects you, your business, and your employees from claims involving bodily injury or property damage born out of your business operations. These policies may cover out-of-court settlements, litigation, Advertising/Copyright claims, and judgements awarded by courts. General Liability Insurance can be a standalone policy or be included in a Business Owner Policy.
• Property Coverage – Protects your building and contents that are owned by the company. This can be used for owned or leased properties. One policy may also cover multiple locations.
• Business Personal Property – Protects the contents of the business, like equipment, tools, computers, or office supplies used to conduct business. Business Personal Property may be used in place of Property coverage if there is no structure to insure, like in a homebased or online business.
• Business Interruption – In the event of a covered loss (like a fire or other accident), Business Interruption may help pay for lost income or revenue if the business is not able to operate. This may also cover supply interruptions if you are unable to conduct business due to a loss or shortages to your vendors.
• Packaged Policies/Endorsements – Because of our relationship with so many small business insurance providers, we have a broad range of other coverage options specific to many industries and circumstances. Let us know about your small business, and one of our experts will be able to assist you in putting together a customer protection plan.