Tuesday, 18 November 2014

Business Owner Policy: What You Need to Know

As we have said before, being a business owner comes with many burdens and responsibilities. One of these responsibilities entails being covered under the proper insurance policies. After all, owning a business can be tricky and expensive -- especially if/when you find yourself facing situations that you would have preferred avoiding (Hint: Lawsuits).

If you own a business in Red Deer, then purchasing a business owner policy (more commonly referred as BOP) might be a good idea. In simple terms, this policy is an insurance package that comprises the necessary policies that every business owner such as yourself should own. Purchasing this policy is a good way to save money in the long term because the cost of the bundle is less than the cost of the individual policies included in it.

Business owner policy is usually ideal for owners of small to medium businesses in the city. Keep in mind that what each package is comprised of tends to change from insurance company to insurance company. Generally speaking, you can expect business interruption coverage, property insurance, vehicle coverage and liability coverage to be included in a BOP package.

If you are unsure of whether or not you might benefit from owning so many policies, we encourage you to discuss it with your insurance broker. Until then you might be interested in requesting a free Red Deer commercial insurance quote to get an idea of what to expect as a business owner. Remember: The latter is free and comes with absolutely no obligation!