Is business insurance different for different types of businesses? For example, is engineers’ insurance the same as architect’s insurance or is, say, insurance for a doctor’s office doctor’s all the same thing? The answer is, no, and yes. Let’s explore what that means.
Whether you own a retail shop, an auto repair shop, you’re a chiropractor or a dentist, you have insurance on your business and property. Like other business owners, you are feeling a squeeze and looking to reduce costs and we are often asked, “How can my businesses save some money without giving up anything?”
Statistics show that people who have high credit scores file fewer claims than those with low credit scores and that they are less likely to have traffic accidents and traffic violations. Additionally, and more intuitively, much of the history provided in a credit report can be indicative of whether a business will pay its business insurance premiums on time or at all.
In past articles, we have discussed the idea that a business owner’s insurance policy, or BOP, may be a good starting point for your new or small business. A BOP can cover many risks associated with a business while keeping the premium you pay in balance with a small business.