If you own or operate a small business, you should consider purchasing a Business Insurance Package. An average Business Insurance Package provides coverage for three distinct categories. A General Liability and premises liability package provide coverage to protect your personal property and general liability. The comprehensive package insurance covers loss of business revenue and additional expense caused by an insured peril, including premises liability. A Business Insurance Package can also be combined with a separate property and casualty insurance plan.
A General Liability Policy protects the risk that a business owner bears for personal injury lawsuits on the premises. For example, damages resulting from a slip and fall or a product liability claim are covered in a bop policy. Other common claims that frequently covered by a General Liability policy are accidents on the employer's premises, negligence in handling dangerous products and medical malpractice claims. In addition to covering the risks described above, a General Liability policy typically provides coverage for other property risks, such as fire, theft, vandalism and terrorism.
If you operate a fleet of trucks or vehicles, your General Liability Insurance package will protect you against vehicle-related claims. In this case, the coverage provided may include injuries caused by your company's vehicles, and other risks associated with their operation. Injuries caused by your bop product, delivery truck or other equipment used in the business may also be covered. Additional risks often addressed by a General Liability policy are advertising and promotion claims. If your company creates or acquires a new product or service, it is necessary to add a Product Risk to your bop insurance package to protect your business from lawsuits related to any negative media released about your product or service.
When combined with BOP insurance, General Liability Coverage protects business owners from lawsuits arising out of negligence in the workplace. For example, a business owner could be sued for not following OSHA safety standards, causing an employee injury, or failing to properly maintain factory equipment. In this case, the BOP covers the risks associated with these and other potential situations. In addition, if a business owner allows employees to work without proper protective gear, they could be exposed to harmful exposure to chemical fumes, radiation, wind, and more.
Other types of risks often addressed by a BOP include advertising and promotion claims. While many businesses enjoy a great deal of success in their marketing campaigns, sometimes they unintentionally cause customers to develop illnesses or discomfort. As an example, if a business owner chooses to endorse a product by allowing its ad to be displayed on television, they may be held responsible for any injuries caused by their product or service. Similarly, if a business chooses to advertise or promote a business by using newspapers or television, umbrella insurance coverage can provide the additional coverage needed to protect your business.
Most umbrella packages provide coverage for medical payments, property damage, liability, and workers' compensation. One of the most overlooked aspects of general liability is the possibility of bodily injury or damage to one's own business or physical property. This is another reason why business owners should have a BOP in place. With the protection of a general liability policy, you can take care of property damage and personal injury claims while lowering your risk exposure to litigation-related expenses.
Umbrella policies may also cover product liability. If a customer purchases a product that is defective, has a defect, or is in some way dangerous, the business may be held liable for damages. The product liability coverage of an umbrella policy may cover a business for all damages resulting from product defects, all damages resulting from negligence, and all damages resulting from deliberate wrongs. In addition, a BOP may cover you in the event that a customer enters your business premises without permission and suffers injury. If you choose this type of policy, it's important to make sure you understand the limitations of this coverage.
Businesses with employees need to consider whether there are any special circumstances that could require employees to be held liable for company-related activities. For instance, if a delivery driver is sued because his vehicle damages an individual who was walking down the street, the delivery driver's BOP would cover the damages he caused. Similarly, if a delivery driver is sued because his vehicle collides with a car driven by an individual, the BOP of the BOP would protect both vehicles. In these cases, having a separate personal liability policy would be a wise move for businesses with employees.
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