Jun 27
Business Insurance – The Basics
For the small and medium sized business, most business insurance plans are packages that cover property losses and liability. The business owner’s policy is a standard package in the industry that provides a framework for basic business insurance. Large businesses and multinationals may have more complex insurance needs, but the BOP is the standard format for all other businesses.
Coverage includes property damage for the business’s building(s) and the assets within the building, including production equipment and inventory. There are varying levels of coverage for the business’s property, some more comprehensive than others.
Business interruption insurance covers the losses incurred by a business when operations are halted by some catastrophe such as fire or storm damage. This clause may also cover the additional expenses incurred when a business must relocate temporarily in order to keep its doors open.
More after the jump…
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