Get All Your Business Cover In One Convenient Policy

Get All Your Business Cover In One Convenient Policy

If you are starting your own business, reviewing insurance can be overwhelming. Many insurance agents will list a whole list of policies you will need to protect your business assets and your personal finances. If you want to invest in adequate coverage that will cover your property, premises, and liability, consider the benefits of purchasing a Business Owners Policy. This packaged policy will provide three different forms of coverage in one plan to make maintaining and paying your insurance premiums easier. Also referred to as the BOP, Business Owners Insurance combines all of the standard coverage options needed by a business owner into one package. Not only is this more convenient, it generally also offers business owners lower premiums. Understand how business insurance Michigan works and invest in a comprehensive and affordable package policy.

A BOP policy will provide coverage for the insured property. This will differ depending on whether you rent or own a commercial premise. Both the building and the contents will be covered. If you are a tenant, tenant improvements that you have made during the course of your lease will be covered. If you own the dwelling, the entire structure will be covered in the event of a loss. Contents are also referred to as business property, will cover all of your physical property on premises. This includes computers, office furniture, equipment, inventory, and more. Be sure to calculate the cost of your equipment and inventory to choose an adequate limit.

One coverage many business owners overlook when they are purchasing business insurance Michigan is business interruption coverage. This means that if a loss occurs and you are renovating the property or taking the steps to mitigate the loss, you will have coverage to pay for loss of income. If you do not have business interruption coverage, you could miss profits for months and close the doors to your business for good. List your net revenues and the insurance company will pay you your average business income.

A BOP also include coverage for your business liability. Liability coverage provided in a BOP policy is referred to as general liability insurance. This coverage will pay for injuries and damages caused to a third party if you are deemed negligent for the claim. If you do not have liability coverage, claims of negligence could make you go bankrupt. While some businesses will have a need for additional liability coverage, General liability will satisfy state requirements for licensing.

A Business Owner's Package policy will provide business owners with all of these coverage options under one policy number. While you can purchase each coverage separately, combining them into one policy will save you money and times. Schedule an appointment with a reputable commercial agent and quote your business insurance Michigan today.

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