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8/24/2012 - What are the three main components of a businessowners policy?


Business insurance plans have three main parts.

With the economy still struggling to recover and a considerable number of individuals unable to find employment, some Americans are looking to start their own businesses. While this requires addressing a variety of issues before getting things up and running, one of the most important things to do is to obtain businessowners insurance.

The Insurance Information Institute has released a web video where business owners in the U.S. discuss their general knowledge of a business insurance plan. Additionally, the clip goes over what a policy usually includes.

Typically, plans such are multifaceted, with three main parts.

1. Property insurance covers any damage done to the company's physical makeup as well as its contents.
2. Liability insurance covers the company's legal expenses should the company be sued for harmed cause to others, including personal injury as well as property damage.
3. Business interruption insurance provides for expenses that a business may incur should the company be forced to shut down due to weather-related disaster or fire. It may also cover the expense of operating out of a temporary location.

These are three general inclusions in a businessowners policy. For a more specific plan, talk to your Selective agent.

To view the web video and learn more about business insurance coverage, click here.

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