Business Insurance Going Beyond the Basics
Many businesses owners quickly realize that their needs extend beyond basic liability and business auto insurance policies. Certain jobs will require specific coverages, employees need protection, and a number of risks fall outside the protection of basic liability coverage.
When business insurance coverages are packaged together, it’s often referred to as a Business Owners Policy or other wise know as a BOP. Additional coverages in a BOP might include:
1) Property: This can protect your commercial buildings and most of your personal property. Both of which are not covered by a liability insurance policy. Liability normally covers other people’s assets, and not yours.
2) Workers’ compensation: If you have employees, you will need to carry Workers’ Compensation insurance since it is required coverage to be legal. Workers’ Compensation insurance can pay for things like medical costs and lost wages of employees who become ill or injured on the job.
3)Professional Liability: Do you give professional advice or provide a professional service? If so, you should probably carry Professional Liability insurance.