When investing in small business insurance, it is important for owners to understand what type of coverage is included in a basic policy. Once this is made clear, business owners can then decide if additional protection is necessary, allowing them to amp up their initial plan for optimal protection.
Basic insurance plans will include general liability, which extends coverage for bodily injury, property damage or loss, personal injury and advertising injury when purchased at a commercial level. There is generally a dollar amount limitation on coverage, but additional policies can be purchased for optimal protection against liability.
Property insurance is also included in most standard business insurance plans. This protects businesses against loss or damage due to natural disasters, fires and theft. Typically, this includes protection for office equipment, furniture, computers, materials and other technology that could be lost in a given situation. If your small business has a lot of expensive products or important documentation kept on location, additional property coverage may be necessary.
While owners can purchase these two basic policies separately, most insurance providers bundle them together, which could provide savings on coverage expenses. Those looking for an affordable policy can request a business insurance quote from prospective providers over the internet or by contacting them directly.