All smart business owners want a general liability business insurance policy. Because your business is unique, the specific nature, scope, and cost of your business owner insurance will depend on factors intimately tied to your company such as number of employees, kind of work you do, liabilities associated with the products and services you produce, and your location.
Business Owner Insurance Surprises
The types of coverage you must consider include:
The most important thing to remember is to insure what is required ... don't underinsure because your assets are exposed, and you could face legal penalties.
Also, if you have a lien holder, your customers/clients may require you to produce a certificate of liability coverage. Without that, you could lose good clients or prospects.
Tailoring Your Policy
Consider packaging your insurance plans into a unified business owner's policy (BOP) for a multitude of benefits and savings. Always consider a deductible and select the right agent and insurance company. Usually, general liability business insurance does not come with a deductible -- but you can request one.