Small business insurance policies in Alliance – sometimes called commercial insurance – helps cover the assets, property, and income of a business against certain losses. A business owners policy (BOP) offers three basic types of coverage to help protect a business – business property coverage, general liability coverage and business interruption coverage.
What Do Small Business Insurance Policies in Alliance Cover?
A business owner’s policy helps protect your business against financial loss and covered hazards. These hazards typically include theft, fire, wind, falling objects, and lightning. It’s important to read your small business policy carefully to determine which specific dangers are covered by your insurer.
General Liability Coverage: A business owner’s policy typically includes general liability coverage. If someone is injured at your business as a result of your negligence, general liability coverage may help pay for their medical expenses. It may also help cover legal costs if you’re taken to court over an accident that occurred at your business.
Commercial general liability insurance is subject to a coverage limit. For example, if an injured person’s medical expenses exceed your coverage limit, you may have to pay out of pocket to cover the balance.
Business Property Coverage: The property insurance in a business owner’s policy helps protect your building (if you own it) and its contents against covered dangers. For example, if your building is damaged by fire, your property coverage may help pay for repairs.
Keep in mind that this type of coverage has a deductible and limits. The deductible is the amount you pay out of pocket toward a covered claim. You may be able to select your deductible amount when you buy property coverage.
The limit is the maximum amount your insurer will reimburse you for a covered claim. You can choose your property coverage limits based on the estimated cost to rebuild, repair or replace your property. If your losses exceed the predetermined coverage limit, you will have to pay to finish repairs or replacement of your business property.
Business Interruption Coverage: This coverage is typically part of business insurance policies in Alliance. This coverage helps replace lost income and increased expenditures if your business is affected by a covered hazard.
For example, if a fire makes your office uninhabitable, business interruption coverage may help pay to rent a new workspace during repairs. This coverage is subject to limits, which may include a dollar amount as well as a specific time period.
Additional Coverage: You may be able to add additional coverages to your business owner’s policy, which may include:
- Business auto insurance;
- Data breach expense/ liability coverage;
- Employment practices liability coverage;
- Equipment breakdown coverage;
- Outdoor property coverage;
If you’re a small business owner, you may be able to buy additional coverages to customize your policy based on your specific needs.
Call our office today so one of our experienced agents can help you with your specific business insurance policies in Alliance, and help you choose the coverages to customize your policy.