In order for your business to make a profit, you need to provide and maintain customer satisfaction. This can be a challenge and if your service to customers comes into question you could find yourself entangled in a lawsuit. If someone falls and is injured while on your property what then? Or you cause property damage to a car parked in your lot and the owner decides to sue for damages – you would likely be found responsible. Two policies that are commonly bundled by small business owners are a general liability and commercial property insurance.
You can even be sued for information or advice that brings harm to a client, and this is another major reason most businesses carry liability coverage in their Indiana BOP insurance package. For example, any time that a client experiences physical harm from using one of your products, including the packaging, that client can seek recourse through the courts. Your business liability package can be enhanced to include product liability coverage. All small businesses such as retail stores and independent contractors need a BOP to safeguard against unforeseen financial losses.
Bundle insurance provides savings
If you have BOP property insurance, the insurance company pays you in order to help your business get back on its feet. Many BOPs also include business interruption insurance that provides coverage that helps you pay any expenses, such as lost revenue that accrues when your business is forced to temporarily shut down after a covered event.
Small business liability insurance will protect a number of people in your company if claims are filed against them, including your employees, accountants, managers, and financial planners. Small business owners can also add “endorsements” to their policy to include certain kinds of additional coverage. The type of endorsements that will benefit your business will depend on the industry you serve.
The best thing to do is to go to an insurance advisor that will be able to inform you about the best companies offering Indiana BOP insurance policies that you’ll need along with the type of insurance terms that you should seek.