Emerson states, “Even if your work is done remotely,” you need a general insurance policy to protect your business assets and provide coverage in case something happens in the course or business.
An business owner policy (BOP) is a popular choice among entrepreneurs. It is designed specifically for freelancers and small-business owners.
A BOP can be customized by an agent who will work with you to address your specific needs. These policies are often sold at a lower price than individual coverage.
A BOP could cover you for everything, from fire and theft to property damage and lawsuits. Let’s look at what coverages are included in a BOP and when they can be useful.
- General Liability
If a customer is hurt while visiting your business, this coverage protects you and the business from expensive lawsuits and claims. You may also be liable for product-related damages and property damage.
- Property Insurance
Emerson points out that many people working from home believe that a homeowner’s policy will protect them in case of loss, fire or theft. The coverage of property insurance covers buildings and other structures as well as their contents, including office equipment, technology devices and inventory.
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- Loss of income
This policy provides protection for your income and helps you pay your payroll expenses in the event that your business has to close down due to reasons not covered by the policy.
There are many factors that affect coverage. It is important to fully understand your plan. If you have any questions, reach out to your agent.
- Equipment Failure
This section of your BOP protects equipment. It includes technology devices as well as mechanical equipment. Equipment breakdown coverage can provide coverage for lost income and repair or replacement of damaged inventory, in the event that equipment fails unexpectedly.
- Professional Liability
Professional liability insurance also known as errors & omissions coverage or “E&O,” protects your business from being sued by customers for the services they have received. Professional liability coverage is required in some states for lawyers, doctors and other medical professionals. This coverage is especially important if you’re a consultant, accountant or real estate agent.
Professional business insurance can protect you from being sued for breaching a contract, missing a deadline, negligence, work errors, or other legal defenses.