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Business insurance offers financial protection for owners

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A recent article from the Insurance Information Institute relayed that having business insurance is a smart and safe financial move for company owners, especially small and mid-sized ones.

The article states that more than 27 million businesses exist within the U.S., which range from construction firms to grocery stores and home-based companies. However, all of these companies share the same fear that they can be destroyed quickly by a disaster or expensive lawsuit.

"Starting a business is never easy, but it is even more difficult in today’s economic environment," said Loretta Worters, vice president at I.I.I. "Business owners shouldn’t look to skimp on their coverage to save a few bucks - as tempting as it seems. Entrepreneurs need to assess the overall risks facing their particular business and then make the appropriate insurance decisions based on those risks."

Large companies tend to buy commercial package policies or customize their policies to cover their special risks. Small and mid-sized businesses, on the other hand, often buy a Business Owners Policy, which combines a number of insurance coverages and provides a package of protections for an affordable price.

Only small and mid-sized companies meeting certain criteria are eligible for a BOP, which include business size and type and the required limits. For those that are eligible, purchasing the coverage is highly advised, lest smaller businesses succumb to expensive legal battles. 

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