Insurers often combine a series of insurance coverages into a package that is sold as a single contract. The most common policy for small businesses is the Business Owner’s Policy (BOP). This is the most common type of shop insurance in Gatlinburg
Most small businesses need to buy at least the following four types of insurance.
Property insurance compensates a business if property used in the business is lost or damaged as a result of various types of common hazards, such as fire or theft. Property insurance covers not only a building or structure, but also what insurers call personal property, i.e., office furniture, inventory, raw materials, machinery, computers and other items vital to the operations of a business. Depending on the type of policy, property insurance may include coverage for equipment breakdown, debris removal after a fire or other destructive event, some types of water damage and other losses.
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Any company can be sued. Customers may claim that the business caused them harm as a result, for example, of a defective product, an error in a service, or indifference to someone else’s property. Or a claimant may claim that the business created a dangerous environment. Liability insurance pays damages for which the business is responsible, up to the limits of the policy, as well as attorneys’ fees and other legal defense expenses. It also pays the medical bills of any person injured by or on the premises of the business.
Business Auto Insurance
A business auto policy provides coverage for company-owned cars. Insurance pays any third party costs resulting from bodily injury or property damage for which the business is legally responsible, up to the limits of the policy.
Worker’s Compensation Insurance
In all states except Texas, an employer must have workers’ compensation insurance when there are more than a certain number of employees, ranging from three to five, depending on the state. Workers’ compensation insurance, as this coverage is generally called, pays for medical care and replaces a portion of lost wages for an employee who is injured in the course of employment, regardless of who was at fault for the injury. When a worker dies as a result of injuries sustained while working, the insurance provides compensation to the employee’s family. An extremely small business, such as one operated by one or two people outside the home, may not need workers’ compensation insurance. But it often needs more property and liability insurance than is provided in a typical homeowner’s policy.
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