You have just realized your dream of becoming a small business owner. Having the right business insurance is a vital step in protecting your company and its day-to-day. Below is a brief guide for finding the right policy.

What Is a General Liability Policy?

Business insurance usually covers assets and property. Also known as commercial insurance, a business owner’s policy or BOP is typically what most owners have so that property and incidents involving the company are protected. You can also purchase additional insurance for specifics, especially to cover perils not featured in the policy like floods. You may also add on extensions such as commercial vehicle coverage or protection for a data breach.

General liability is necessary for incidents such as someone getting hurt at your business and you are found liable. The injured individual may have medical costs covered by your policy and you may be able to use it to cover any legal fees resulting from the incident. There are usually limits, however, and if costs exceed that, you will need to pay the difference.

Property damage is also covered under general liability, which may include accidents in areas such as a parking lot, and some policies may safeguard against any slander or libel cases that arise.

What Is a Property Policy?

Property coverage is necessary to protect the building and everything inside, particularly against covered perils such as fire, theft, wind, lightning, and more. Insurance agents can go over what your coverage will extend to. Some policies even cover repairs to the facility as well as replacement costs for items such as computers and furniture.

Similar to general liability, there are limits and deductibles. Choosing the right level guarantees that your company can run efficiently no matter what occurs. There is less financial stress because your costs are covered and you can continue to run your company as you need to.

If you need a comprehensive policy for your small business, trust Bruce Richardson - State Farm® Agent. With 33 years of experience with State Farm Insurance, Bruce has been a reliable insurance agent in Central Indiana since 1994. From business insurance to policies for your home or auto, your needs and budget will be considered, so you have the protection you need. For an insurance quote, call (317) 831-3500 or visit the website to contact him.