No matter how successful your business might be, a fire, criminal act, or natural disaster could wipe out your profits overnight or even force you to close your doors for good. A business owner’s policy combines several of the most essential coverages into one package, protecting you from losses and ensuring you can recover from a catastrophe. Understanding your needs and what these business insurance policies provide will help you choose the coverage that’s right for you.
What Is Included in a Business Owner’s Policy?
1. Commercial Liability Coverage
As a business owner, you can be held legally responsible if someone is injured by a defective product or an accident caused by one of your employees. Customers who fall on your premises can sue for damages, even if you don’t own the building. Business insurance will cover the cost of any valid claims, along with any legal expenses you incur if you have to mount a defense.
2. Business Property Protection
If your tools, equipment, computers, or inventory were damaged and destroyed, how much would it cost to replace them? What about your business location? Property protection offers compensation for any business assets lost in a covered event, such as fires, theft, or major wind storms.
3. Income Replacement
Between 40% and 60% of small businesses fail after experiencing a disaster, even if they have insurance. Most often, this is because they don’t have the cash resources to pay their bills while repairs are underway. An income replacement policy solves this problem, providing money to meet your obligations until you’re ready to reopen.
Since 1972, Simpkins Foley Insurance Associates has helped Dayton, OH-area business owners protect their investments against the unexpected. Their agents pride themselves on taking the time to understand your financial situation and priorities before customizing a business insurance policy to meet your needs. Visit their website to learn more about their commercial coverage options, follow their Facebook page for updates and news, or call (937) 746-9993 to request a free quote for business insurance.