Being a business owner is complicated. You are the one who is responsible for looking after every employee, dealing with issues regarding disgruntled employees or customers and even directing the business in the right direction. There is a huge amount of pressure on you everyday simply to keep the business operating and your employees happy and gainfully employed.
It takes very little to disrupt the usual flow of events and create an issue which can quickly escalate and give the business real issues. Unfortunately, in smaller businesses; any issue can reflect back on you and your own possessions surprisingly quickly. Your own hole can be at risk surprisingly easily.
Murphy Insurance Agency offers a comprehensive business owners policy to help protect you from such an eventuality. The policy is designed to protect you and your belongings should the worst happen. The complete details of what they offer can be found at their website. A good business owners policy will include the following cover:
General liability Cover
One of the worst things which can happen in the workplace is for a member of staff or the public to be hurt. This may be a result of a building collapsing or simply an incident which ends in the injury; whether to a member of your staff or the general public. This part of a business owners policy also covers any damage caused to other buildings, or even your own building.
Compensation for Workers
If one member, or more, of your staff are injured then they may be unable to work effectively for some time. This part of your business owners policy will ensure they continue to receive a good level of pay whilst they recover. It is essential as the business will need to pay a replacement member of staff and may not be able to afford to pay both workers. The insurance policy will help spread the burden of the cost.
It is highly likely that your business needs some sort of property to operate from. Even an online store needs a place to store and pack the items they sell. However, if something happens and it is no longer possible to use your premises, your insurance policy will assist with the relocation and replacement building costs. This can be done until your property is repaired or on a more permanent basis; depending upon the facilities and location of the property.
The above list is the main elements which need to be part of your business owners policy. Hopefully you will never need to claim on this policy but it is an essential part of running a business.
There are several other options which can be added to your business owners policy; these include professional indemnity; to reduce your personal liability if something goes horribly wrong, identity theft and even income insurance. The best way to confirm which additional policies are useful to you is to consult with your broker and balance the right level of costs with your available funds.