As the owner of a small Tulsa business it is important to take out a Business Owner’s Policy. This is a policy that covers all property in your business as well as liability. Usually a Business Owner’s Policy, these two are sold as separate policies but when you combine them into a you will be paying less. This policy is important because it also includes business interruption insurance – in case you lose business due to property loss the insurance company will compensate you for up to a year.
In case you are wondering, a Business Owner’s Policy covers you against theft, fire, property damage, personal injury that happens in your business as well as other risks listed on your policy. The best insurance companies customize their policies so that they include things such as data breach and any other risks that businesses face on a day to day basis.
It is very important to shop carefully when looking for this kind of insurance. Many people don’t get their claims honored because they didn’t read between the lines when they were buying their policies. You should find a reputable Tulsa insurance agent to transact with. Ask them how long it takes for his company to honor your claim – you want a company that has a reputation for honoring claims fast. You should also check on how much litigation the company has against it – if an insurance company has many suits against it it is a sign that they don’t keep their word.
As for the policy itself you should look carefully at what is covered and whether there are any caveats. If you are not good at this sort of thing the best thing to do is either to talk to a financial expert or to a lawyer who is familiar with these matters – they will tell you whether you are getting a good deal or not.
If your business has a physical location, are at a risk of being sued or you have assets that can be lost or stolen it is high time that you took out a Business Owner’s Policy.