Small businesses are at risk for certain types of claims as much as larger organizations. A Business Owner’s Policy combines business liability and property insurance into a single policy and may have a reduced premium. There are several reasons Carmel business owner’s policy coverages make financial sense.

Small businesses should consider this kind of package if they have a physical location, whether it is owned or rented commercial space or a home office. A BOP should also be considered if there is a possibility of a lawsuit being brought as a result of a customer being injured in the workspace. Digital assets, customer data, cash, equipment and inventory can be crucial to the success of a small business. If any of these are on-site, a business owner’s policy should be in place for protection against theft or damage.

A BOP simplifies coverage needs by bundling property and business liability insurance into one policy. Commercial property insurance can protect buildings, equipment, fixtures and inventory as well as the loss of valuable records and accounts receivable. Liability insurance covers lawsuits in instances where a business is liable physical or reputational damage.

Landlords, banks and other entities may require Carmel business owner’s policy coverages before space can be leased or loans approved. Having the right coverage reduces risk and enables business owners to focus on their business and not potential lawsuits.