No matter what you sell, every retail business needs insurance to help protect them from a loss! The exact type of coverage needed will be different for each individual business, but most will have the same issues to consider. Any brick-and-mortar business should have fire, property, and business liability coverage; it may even be a requirement in your industry or location! However, many business owners overlook other types of coverage like crime coverage, business income coverage, and umbrella insurance. This is why our Farmers Friendly Review service and our Business Owners Policy (BOP) product are great tools to make sure your business has all the coverage it needs!
Business Owners Policy
If you’re looking for retail business insurance, check out our customizable BOP policies! Our Business Owners Policy (BOP) combines your property and liability coverages into one, single policy! We’ll help you fine tune your policy and decide which optional endorsements best fit your business’s needs. The cost of a BOP is influenced by two factors: the underwriting assessment of the business’s risk and the level of coverage.
Also, remember, a BOP is not a substitute for personal insurance policies! If you are liable for an injury or accident, that person can file a lawsuit that could target your assets. Without appropriate Home, Auto, and Umbrella policies, your business could still be at risk. So, plan your coverage accordingly!
Life Insurance & Business
Life insurance can assist your business in recovering from the death of a key employee. But did you know it can also play a critical role in your compensation plan? The right Life insurance policy can help you recruit, retain and reward your employees! At Farmers Insurance, our agents are also small business owners themselves, so they understand the challenges you face. Here are some situations in which your Life policy could help your business:
- You found the perfect candidate, but she gets a better offer elsewhere. Executive bonus plans that include Life insurance or annuities can help you create compelling job offers!
- Your operations manager is injured by a covered event and cannot work. Key person insurance can help if a partner or top employee dies or becomes disabled. The policy’s benefit or cash value can be used for lost income, as well as candidate searches and training expenses!
- Big expansion plans for your business? Life insurance proceeds can help liquidate outstanding business debt and help protect your family’s personal assets.
- Your partner unexpectedly dies, and her spouse wants to sell their portion of the business. A funded buy-sell agreement can help with a smooth settlement between the owners and their heirs.