Business Owners Insurance in Oklahoma

What is Business Owners Insurance?

If you own a business, a Business Owners Insurance policy will provide financial protection against numerous risks. These risks may include liability claims where your business is being held responsible for damage or injury, lawsuits and legal fees, damage to the physical structure of your building, damage to equipment or inventory, and financial assistance if the business is unexpectedly shut down from a covered loss.

What does a Business Owners Policy include?

A Business Owners Insurance policy is considered a package policy because it includes coverage for commercial general liability and commercial property (which often includes business income and extra expense).

The Commercial or Business Property aspect of the Business Owners Policy is dedicated to protecting the physical structures or belongings of the business should damage occur to them. This protection may include items such as the physical structure of the building that the business occupies, equipment belonging to the business, furniture, and inventory. This insurance covers the cost of repairing or replacing these items should damage, theft, or destruction occur. This could also include property or equipment that does not belong to the business but was left in the care of your business.

Commercial Property Insurance also covers the loss of income and covered expenses such as rent, payroll, and other financial obligations while your property is being repaired or replaced due to a covered loss.

Business Owners Policies can be written for a variety of different types of business. Some examples of the different types of businesses that may need a Business Owners Policy are:

  • Retail
  • Office
  • Contractors
  • Services – beauty/nail salons
  • Wholesalers
  • Medical Offices
  • Restaurants
  • Building Owners – owners of buildings leased to others for business purposes.

Additional Coverages to Consider adding to your Business Owners Insurance Policy:

Please note that Business Owners Policies are tailored to your specific business and industry needs. Not all of these additional coverages may be necessary or available for your business. Some of these additional coverages may include but are not limited to:

  • Hired and Non-Owned Vehicles
  • Cyber Liability (Including Data Breach)
  • Crime
  • Contractors Equipment
  • Employee Dishonesty
  • Property Away from Premises
  • Small Tools for Contractors

Please remember that a Business Owners Policy will be written to be very specific to the needs of your business and industry. Be sure to ask what coverages we recommend for your business to make sure you have the proper protection!
 

Resource used: https://www.travelers.com/business-insurance/business-owners-policy 

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