Business Owners Insurance

Business Owners Insurance Options in West Fargo, ND, and Surrounding Areas

Your business is the end result of time, effort, and the investment of your precious resources. You’ve worked hard to build and grow your enterprise, so it is critical to protect it from loss. Doing business in any industry comes with an expected amount of risk, however, being a smart business owner means mitigating any potential damages and losses with a solid risk management strategy.

A single claim brought against your business or an unexpected disaster can put your property, finances, and even your home at risk if you do not have the necessary insurance coverage in place. Make sure you understand the benefits of business owners insurance coverage and how it can keep your assets and investments safe from the perils of running a business and call Ihry Insurance today for a free business owners insurance quote.

What is Business Owners Insurance?

Business owners insurance, also known as a business owners policy (BOP insurance). provides protection and coverage for a variety of perils that can affect your business operation and cause financial losses, such as crime, property damage, and liability claims.

Most appropriate for small or medium-sized businesses, business owners insurance protects your financial and physical assets in a flexible and convenient way. The way each policy is designed makes it simple for you to adjust your coverage options for various needs as your business grows and changes.

Independent contractors, retail merchants, restaurateurs, and any other business owner with an entity that interacts with the general public will benefit tremendously from having business insurance coverage. In some cases, it is required to have BOP insurance before you can legally operate a business.

The following are important factors for determining if a business insurance policy is necessary for your needs:

• Do you need general liability insurance coverage?
• Does your business own property, such as buildings, furniture, computers, and tools?
• Do you store and manage important data for your business and clients?
• Do you have a staff or employees who could potentially affect your business negatively based on their actions and behavior on the job?

If you answered yes to some of or all of these questions, having business owners insurance is essential to keep your assets safe.

Types of Business Owners Insurance Coverage

The following are some of the general coverage elements that make up most basic business owners insurance policies:

Along with these essential business owner policy coverage options, depending on the type of entity you operate, additional coverage options you may want to include in your policy are:

It is important to re-evaluate your business needs from time to time and adjust your policy to ensure you always have the right level of coverage and maximum protection for your business and assets.

Things Not Included in Business Owners Policies

While the list of coverage options for business owners insurance is long and comprehensive, it is important to note that there are several areas that standard policies do not typically cover, which include, but are not limited to the following:

• If you provide professional services directly to clients, there are specific types of claims that may not be covered by a business owners insurance policy
• If, during the course of business, you give clients poor or inaccurate information and they, as a result, file a lawsuit against your business, the damages may not be covered by a basic business owners policy
• Generally, business owners insurance also does not provide coverage for auto insurance, disability insurance, or workers’ compensation

It is important to consult with your insurance agent to determine the types of coverages that cannot be included in your business owners policy contract and find the best ways to fill any gaps with additional supplemental insurance where necessary.

Business Owners Insurance That Has You Covered

As a small or medium-sized business owner, you may feel as if having business insurance is something you do not need or that it is unaffordable. However, not having coverage, and more specifically the right kind of coverage for your specific needs, leaves you vulnerable to losing your entire investment.

No matter what industry you operate in or the size of your budget, there is an insurance option available that will safeguard your finances and keep your business intact no matter what life throws your way.

If you would like to work with a provider that strives to understand all aspects of your coverage needs in order to develop a custom insurance policy to protect your assets and your life, contact Ihry Insurance today and speak with one of our knowledgeable agents to explore your options and get a free business owners insurance quote.