A Business Owners’ policy is designed to protect your practice, (building and/or its contents and general liability) against losses resulting from physical damage. It is imperative that a practice owner has a business owners’ policy to protect them from such losses. A covered cause of loss can bring on costs which can be hard to recover from financially.
Any practice owner who has a loan on the business could be required by the lender to carry business owner’s coverage in order to adequately protect the practice in the event of a total loss. Typically, along with this requirement is the lender’s request to be named as a loss payee and/or mortgagee.
Often times, one could also be required to provide proof of insurance when equipment is financed or leased. Coverage may be included for new equipment by increasing the property limit accordingly and listing the company you are purchasing/leasing from as an additional insured and/or loss payee.
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