Starting or operating a business is enough responsibility on its own–navigating the ins and outs of your chosen profession, pleasing customers and managing your operation–without the additional stress of figuring out the complexities of commercial insurance.
Anytime something can be streamlined, it’s worth investigating. As a business owner, you appreciate when something can be made simpler, although, to paraphrase Albert Einstein, you shouldn’t make it any simpler than necessary. There are times when complexity is warranted, but for the most part, simple is best.
Insurance is one of those things.
To make it as easy as possible, when that’s the best choice, carriers often offer a “BOP”, or Business Owner’s Policy. This is coverage that takes a few of the most needed policies for business owners and combines them into a package, which can usually be a better deal financially than orchestrating all of the policies individually.
A Business Owner’s Policy usually consists of:
- General Liability. You need this foundational policy to protect you against situations where you might be liable for a third party’s injuries or damages.
- Business Property Insurance. This provides coverage for leased or owned buildings, equipment, furniture, and important papers.
- Business Interruption. If an event disrupts your ability to operate, it doesn’t mean your bills will stop. Procuring Business Interruption coverage can be a business life saver.
Your business is unique, and that means your company’s needs will be unique, too. Speaking with a professional who can help you figure out the best coverage for your particular business is important. It may be that a BOP would help your bottom line, and you may also be in a situation where you need the additional help of an Umbrella policy, or endorsements that go beyond the scope of a BOP.
Understanding basics is a good start, and will help you take a hand in the risk management of your business, but you need an experienced specialist to guide you through insurance specifics.
Call us today at 1-877-907-5267 to speak with one of our insurance professionals and get the plan that’s right for you.