Business Insurance Going Beyond the Basics – Handyman Insurance
Many business owners quickly realize their needs extend beyond primary liability and business auto insurance policies. Certain jobs will require specific coverages, employees need protection, and several risks fall outside the protection of basic liability coverage.
When business insurance coverages are packaged together, it’s often referred to as a Business Owners Policy or, otherwise known as a BOP. Additional coverages in a BOP might include:
1) Property: This can protect your commercial buildings and most of your personal property. A liability insurance policy covers neither of these. Liability usually covers other people’s assets and not yours.
2) Workers’ compensation: If you have employees, you will need to carry Workers’ Compensation insurance since it requires legal coverage. Workers’ Compensation insurance can pay for medical costs and lost wages of employees who become ill or injured on the job.
3)Professional Liability: Do you provide professional advice or professional service? If so, you should carry Professional Liability insurance.