What Does My Business Owner’s Policy Cover?

  • Post last modified:July 8, 2015
  • Post Category:Insurance

Connecticut business owner’s policies can be very diverse, so new business owners often want to know what their business owner’s policy will cover.  There are a few items that are covered in almost all business owner’s policies and then there are many additional items that can be covered, based on your individual needs.

So what is covered in a standard business owner’s policy?  Nearly all policies cover property insurance, business interruption insurance, and liability insurance.

  • Property insurance covers the building you are working in and the property inside it.
  • Business interruption insurance will protect you from a loss of income form a catastrophe that disrupts the business.
  • Liability insurance will help you if there is an accident in your business that affects a customer.  This insurance covers a company’s responsibility for the harm it may cause to others.

But wait, there’s more!  Our Connecticut business owner’s policies are made to be customized.  We understand that every business is different and that every business owner’s policy is individually written to match the particular needs of their business.  Commonly needed coverage that can be written into a business owner’s policy include cyber insurance and EPLI insurance.  Cyber insurance mitigates your risk of data breaches, extortion liability and other network related risks.   EPLI insurance will protect you if an employee files a legal suit against you or your business.  There are many other types of coverage available from crime insurance to flood insurance, so our agents will work with you to understand and meet your needs.

Business owner’s policies cover a wide variety of needs but few types of coverage cannot be included.  Vehicles cannot be covered in a business owner’s policy so it is important to purchase a separate commercial auto policy if you have any company vehicles.  In addition, workers compensation insurance must be purchased separately if you have employees in your business.

Most of this coverage can be purchased separately, so why should you buy a business owner’s policy rather than getting separate policies?  There are two reasons why bundling your insurance is better for you.   First, it is easier.   Having one policy that covers everything rather than several individual policies will make your insurance much less of a headache.  On top of that, bundling your insurance into a business owner’s policy will save you money!   Business owner’s policies cost less than buying property insurance, liability insurance and more individually.

If you are interested in purchasing a business owner’s policy or if you have any questions about business insurance, give us a call and one of our agents will gladly give you a hand!