Business owners policy coverages help business owners manage the risks associated with doing business. By working with a skilled agent, business owners tailor policies to meet the specific needs of their organizations. Here are three business-related risks every company owner must consider.
1. Property Damage
Your company’s physical assets make doing business possible. Unfortunately, fires, vandalism, storms and other catastrophes can destroy buildings, equipment and inventory. If you don’t have property coverage, you may not be able to afford to rebuild. As such, looking for business owners policy coverages that protect physical assets is likely essential.
2. Products Liability
If your company makes goods, you must think about liability due to product defects. Should one of your customers or another person sustain injury from a product your company manufactured, you may have to defend a costly lawsuit. The right products liability coverage may help you pay the follow expenses:
- Legal costs
- Court judgments
- Other expenses
3. Business Interruption
Work stoppages and other business interruptions can literally bring your organization to a standstill. If you can’t do business, you may not be able to pay bills or make payroll. By purchasing business interruption coverage, you typically get the cash you need to weather the storm.
With the right coverage, you protect your organization from harm. Rather than worrying about the welfare of your company, consider working with an experienced agent to purchase effective business owners policy coverages for your company.