As a small business owner, you need to determine what your primary insurance need is. If you own a retail store, restaurant, or are an independent contractor, then typically you’ll have the option to purchase a business owners policy to help safeguard against any unforeseen financial losses that may occur outside of any general liability claims. The great thing about Carmel business owners policy coverages (BOP) is that they offer a wide range of small business insurance solutions at a reduced cost. BOPs can bundle general liability and property insurance, two policies that practically every small business needs to have.

General liability insurance helps protect your assets in the event of a lawsuit by providing you with a defense against a variety of claims for alleged negligence or wrongdoing. This policy will keep your business up and running during the lawsuit, subjected to the insuring agreements and exclusions contained in the policy. No business should be without general liability or commercial property insurance, another important coverage that protects business property against many hazards, including fire, vandalism and certain weather events.

Other primary coverage added to a BOP

Business interruption coverage is popular since most businesses would be at a loss if their operations were forced to shut down for any length of time. Some insurers will even add a cyber liability policy to a BOP. Some small business owners will add additional endorsements to their policy to include any additional coverage they feel they will benefit by having. Those endorsements that can benefit your business will depend on your industry and the risks involved in your operations.

As businesses grow and diversify, they may find that their situation will also vary. You might be able to get by with standardized coverage when you first start out, but you may begin to realize that you need to fill in a few gaps as your business model progresses. There are several options from which to choose, so educate yourself so that when you have new exposures that pop up you can protect your business properly. Your agent can help you to decide what you need as these changes occur, so it’s always best to re-examine your Carmel business owners policy coverages annually.