Although you might think a general liability policy or BOP is “good enough” for your business, it’s important to remember that this doesn’t cover everything you might experience. Coverage options like business interruption may be a minor expense now, but they’ll save you tons of money in the long run should you ever need to file a claim. Ted Devine, CEO of online small business insurance provider Insureon, offered the example of a fire destroying your storefront or office.
“Your property insurance can cover the cost of rebuilding the property, but what happens in the meantime?” Devine said. “How does the business bring in revenue while the construction is in progress? Business interruption insurance can pay a business’s ongoing expenses while it rebuilds — including loan payments, rent, employee salaries, taxes and more — so that it can continue functioning until it reopens.”
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Myles Gibbons, president of select accounts at insurance provider Travelers, advised professional liability (for service businesses) and employment practices liability — protection for claims related to discrimination, wrongful termination, harassment, etc. — as these policies can help you cover legal fees for any related lawsuits. Devine noted that one of the overlooked advantages of adding more insurance coverage is that it bolsters your reputation among clients and customers.
“[Business owners] may find that having an active policy makes it easier to win other clients because having the coverage adds a layer of professionalism to what they’re doing,” Devine said. “So, in that sense, every policy is potentially an upfront investment that can mean more revenue down the road.”