Business Owner Insurance is a product sold that encapsulates various subject matters of running an organization and offers protection against liabilities that exist. Every company is different with unique liabilities. Business owner insurance offers a combined plan of all assumed liabilities to the owner which protects all parts of the organization in case of accidents, injuries, lawsuits, etc. The product type is specifically for the company’s owners who are either established or a new startup. Liabilities can arise from almost every typical scenario regardless of the size of the organization. Also, a unique feature is that this product generally protects the business owner from all liabilities which can occur. Most of the time none of their personal assets will be at risk.
The way the product works is that it encompasses several categories which are subject to liability and offers protection against all mishaps in a blanket coverage. The product is simplified for owners because it is a simple monthly or yearly payment for everything rather than diversifying all liabilities and properties in separate coverages. There are a few ways that this product can be categorized depending on the size of the organization. For example, for larger organizations, there are commercial plans which cover various needs of the company. Next, there are customization options for smaller company’s who have a diverse set of unique liabilities and properties. The major benefits of the product are numerous. The key benefits include property protection, interruption protection, & general liability coverage. Property protection hedges against the destruction of a property such as an accidental fire. Interruption coverage protects businesses by covering losses that can occur if the operation is interrupted. Lastly, general liabilities coverage protects against the damage caused by a company mistake to a customer. Altogether, this product is exceptional and ideally a must for all company’s, regardless of size.