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Before opening your company's doors or taking on your first customer, you must have a comprehensive business insurance policy in place. These policies are designed to not only protect the company's assets in the event of an accident or mishap, but to also protect the employees and even the owner of the company should any complicated legal issues arise. Here is a closer look at this type of insurance and exactly what it will and will not cover throughout the years.

All businesses must have a comprehensive policy in place that meets all state and local minimums for coverage. The primary component of these policies is general liability insurance that will be the first line of defense in the event of any common injuries or accidents. If an employee, customer, or bystander is injured on company property or because of the company's products or services, general liability policies will help cover some or all of the costs associated with medical bills and repairs. This part of the policy will also cover some or all of the costs if any lawsuits are directed at the company or its employees.

In addition to general liability insurance, owners will also need coverage for the company's assets and its employees. Additions such as property insurance and commercial auto insurance are two of the most common riders and will help with expenses from theft, vandalism, or if any accidents that damage company property. Even if employees are using their own vehicle to carry out business, it must be covered by a commercial auto policy.

In order to cut costs and simplify this process, many owners decide on a business owner policy, or BOP. These policies have been designed to meet all minimum requirements for coverage and may include options such as product liability insurance, professional liability insurance, group health insurance, and workers' compensation. Each of these unique components of a BOP can become invaluable as a business continues to grow and is exposed to more and more risks such as slander against the company, theft, unlawful acts of employees, faulty products, and even natural disasters.

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