As a business owner, you will face increased risk as you become more successful and your business expands. As you increase your workforce and client base and expand your interactions with the public and your stakeholders, the likelihood that something might go wrong – fire, theft, or a lawsuit, for example – increases accordingly. No matter where your business is in its development – a burgeoning start-up or a well-established corporation – you need to make sure that you have enough coverage for all eventualities.
While it is difficult to provide a straightforward answer for the question of whether you have enough coverage, we can tell you what kinds of coverage your policy should include. The specifics will depend on the value of your business assets, but any business owner’s policy (BOP) should include the following: