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When you’re first starting your small business, you want to make sure you get things right. You don’t want to wake up one morning six months later in a cold sweat consumed by the thought that you’ve made a mistake. One way to get off on the right track is through investing in a smart business-insurance package.

CoverHound offers several types of business insurance policies through a number of reputable agencies. To learn more about what type of policy would best suit your business needs, read on!

Does Size Matter?
No matter the size of your business, be it a 10-person operation or 200, you need business insurance. In fact, many states require that your company maintain some form of business insurance, the most common being workers’ compensation.

As you start to get your business bearings, you’ll quickly learn that getting an insurance plan is the right choice. Even if you’re a little unsure, conducting a quick google search on small-business statistics will quickly help you to realize that business insurance can save you a lot of money and headaches; it can even save your business.

Legal costs for small businesses cost upwards of $100 billion a year. More still, Open Forum reports that 57 percent of small businesses hit by a lawsuit had revenues under $1 million. As you can see by the numbers, it isn’t only big corporations that get saddled with lawsuits, it’s the small businessperson, too.

What Policy is Right for Me?
There are a several types of business insurance. These include:
− General Liability Insurance − Product Liability Insurance − Professional Liability Insurance − Commercial Property Insurance − Commercial Auto Insurance − Home-Based Business Insurance − Business Owner’s Policy (BOP) − Workers’ Compensation

Each of the above small-business insurance types provide a financial safety net should an unforeseen (an unwelcome) business scenario play out. Business insurance covers your merchandise if it’s damaged, it pays for the medical bills of your injured employees and it even covers the cost of litigation fees should an upset employee or client decide to sue you and the company.

Now to get back to the original dilemma: how do you know which business insurance policy to get? For the new small-business owner, the Business Owner’s Policy (BOP) is the way to go. BOP insurance is a single policy that includes a majority of the above policies under one affordable plan. BOP insurance includes:

Liability Insurance: Offers financial coverage for property damage and bodily injury.
Property Insurance: Offers financial coverage for your business’ products/merchandise that are lost, stolen or damaged.
Crime Insurance: Offers financial coverage when your business establishment has been robbed and/or vandalized.
Vehicle Coverage: Offers financial coverage when your business vehicle has been involved in a traffic accident.
Business Interruption Insurance: Offers financial coverage when your business has suffered from a disaster such as a fire. Will cover the loss of income and the cost of the building.

The only policy that BOP insurance does not come equipped with is professional liability insurance, but it can be purchased together. And when you add multiple policies to one plan, you are immediately eligible for a premium discount; so even though you’re making another purchase, you’re still saving money!

Make one of your first smart business choices BOP insurance. Find a plan that will support you and your staff today!

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