Business Insurance Questions
Do I need business insurance right away?
Yes. Many states and local jurisdictions require a business have insurance before they begin operating. If you rent space, your landlord may require you to obtain adequate insurance.
Your chance of suffering a loss starts on your first day of business; if you have no insurance or insufficient coverage, your agent, most likely, will be unable to help you.
Why do I need business insurance, if I don’t have any major business assets?
Each business has property, and your business itself is property. Like your car and your home, you need to protect your business from loss, liability, and damage.
Also, your business is your source of income; in the event of damage, loss, or liability, you need protection from the potential loss of this income.
Are there differences in coverage options for businesses?
Yes, coverage options vary radically depending on your business needs.
Often, small business owners choose policies which cover major property and liability exposures and protect against loss of income. One such common package policy (used by many small businesses) is the Business Owners Policy (BOP).
BOPs typically provide a more complete coverage at a greater value than do individual policies for each category of insurance that you need. You may also purchase policies to cover conditions commonly excluded (e.g., flood protection) as endorsements to a standard policy or as a second, separate policy, the Difference in Conditions (DIC) policy.
How to Figure Out Your Insurance
A Balcos Insurance representative can help you sort out the right coverage for your business protection—and make sure that your coverage keeps pace with your business as it grows.
(877) 783 – 0335
The reader assumes all responsibilities for his/her own actions in regards to any items discussed in this report. Adherence to all applicable laws and regulations, federal, state and local, governing the use of any product or service described in this report in the US or any other jurisdiction is the sole responsibility of the reader. The publisher and author assume no responsibility or liability whatsoever on the behalf of the reader of these materials. The reader is encouraged to consult directly with his/her insurance professional.
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