No one ever said owning your own small business would be easy. Everything from keeping up with demand, to marketing to new customers, to hiring a staff, to getting insurance for your company van falls on your plate. With so much to do, learn, and remember, something like understanding which insurance policy your new company needs can feel overwhelming. Pronto Insurance is here to help make it easy! Let’s begin by understanding your main choices and then comparing general liability vs business owners’ policy.
Table of Contents
General Liability Insurance Policy
Business Owner’s Insurance Policy
General Liability vs Business Owner’s Policy
Commercial General Liability Insurance Policy
This insurance type covers you from claims that your business caused property damage or bodily injury. It can also protect you if someone sues you for advertising injury. One important thing to note is that it does not cover damage to your business’ own property or injuries to your employees, only a third-party person.
Business Owner’s Insurance Policy
Isn’t it great when you can buy what you need at once?
A business owners’ policy is a set of multiple business insurance types combined into one product. These insurance policies can cover the majority of a business’ insurance needs.
The typical business owner’s policy often includes insurance coverage for property, liabilities, crime, flood, vehicles, and miscellaneous business interruptions. These business owner’s policies are often priced much cheaper than purchasing each and every needed insurance policy on an individual basis. Think of this handy bundle like buying all the ingredients for dinner in one box, rather than shopping around the grocery store for carrots, potatoes, onions, spices, gravy, and meat.
General Liability vs Business Owners’ Policy
You want a low insurance cost, but the right coverage. There are several commercial business insurance options available to you, and we want you to understand which option is ideal for your specific situation, whether you’re working from home, opening a new restaurant, selling hand-made crafts online, or anything else.
The biggest difference between a commercial general liability policy and a business owners’ policy is that commercial general liability only covers liability losses. On the other hand, a business owners’ policy covers both liability and property losses.
One other important difference to note between the two is that a commercial general liability policy does not provide coverage for auto-related losses. This is particularly important for business owners who will be covering a company vehicle or fleet of vehicles.
Entrepreneurs need all the help they can get! After comparing general liability vs business owners’ policy, if you’re unsure as to which coverage option you need and for how much, the team at Pronto Insurance is always here to help guide you. Don’t make an important decision like this on your own!
