A business owners policy is an insurance bundle that is designed to cover all of the commercial insurance a small business owner needs. While a business owner can invest in individual policies rather than purchasing a complete package, there are several important advantages of investing in a bundle instead.
1. A Business Owners Policy Includes Everything You Need
Business owners policies are designed to include the insurance that is required within your state and locality. Thus, you’ll know that you have the coverage that is mandated by law — which is usually some form of general liability insurance, unemployment insurance, and sometimes disability insurance. Though you can acquire additional insurance policies on top of your business owners policy, you can do so at your discretion.
2. A Business Owners Policy Is Usually Cheaper
Business owners policies are generally cheaper than purchasing each policy individually. Not only will you get a discount for bundling your policies, but the insuring agent will also be able to determine the best and most affordable way for your insurance policies to work together.
3. A Business Owners Policy Is Easier to Manage
Rather than having to pay multiple companies and manage different coverage expiration dates and policy information, you can manage your business owners policy through a single company. A single missed bill could potentially cause a lapse in insurance, which could be serious if something occurs during that time. Maintaining a single business owners policy also makes it easy to identify gaps in your coverage, and your insurance agent will be able to advise you regarding whether or not you have sufficient coverage in full. Finally, this will also make it easier if there are claims that could potentially be covered under multiple policies — otherwise you would have to negotiate with each of your policies separately.
4. A Business Owners Policy Has a Single Point of Contact
With a single policy, you always know exactly who to contact when you have a question or concern. Having a single point of contact is easier for most small business owners, because they don’t have to juggle multiple agents or work with individuals who may not be entirely aware of their situation. You will be able to change your policies quickly, update your information, and determine which insurance policy your claims will fall under.
Essentially, a business owners policy streamlines the process of purchasing and maintaining their insurance. This is especially beneficial for a small business owner, who may not have the time available to micromanage their insurance policies. For more information, contact Affordable Insurance or a similar company.