Business Owners Policy (BOP)
Also known as BOP insurance, the Business Owners Policy will help cover you from lawsuits that could set your business back. It is a bundled package that will cover businesses of all sizes from financial strain caused by injuries, legal complaints, or property damages. The cost of legal fees or property replacement will be handled by your insurance company when you choose the right policy. Those in high-risk industries or small start-ups will benefit most from a business owner’s policy.
Proper coverage will keep a business aloft during difficult times or possible disruptions. Business Owners Policy will combine property and owner liability insurance to provide even large businesses with peace when serving customers or operating machines. There is a handful of things that can go wrong in any business, which is why an investment to protect yourself is always worthwhile.
Customizing Your Policy To Your Business
A BOP policy is suitable for small and medium-sized businesses to help protect their building, equipment, inventory, fixtures, and other personal property. In order to protect your business, you may need to pick and choose different policies. Many insurance companies have different components that can be added to your limited policy to ensure better protection. Here are different elements of the Business Owners Policy that can be added to your insurance to have well-rounded protection.
Business Property Insurance
Property insurance protects physical assets like equipment and inventory. It can be further customized into replacement cost coverage (pays for the cost of replacement) and actual cash value (covers the depreciated value of damaged property). Property insurance inside of your Business Owners Policy will cover damages to these physical assets from fire, theft, vandalism, and natural disasters.
Business Income Insurance
Also known as business interruption coverage, this policy will replace your lost income if you are unable to operate. Damage from fire, wind, or theft could render your business inoperable and limit your income. This insurance element will cover you for a few months until your business can come back in full force.
General Liability Insurance
General Liability will protect the business and assets from a lawsuit. Things like negligence, bodily injury, property damage, and slander will all be covered when you add general liability coverage to your policy.
Additional Coverages For BOP
Customizing your insurance for your business is essential if you want to plan for the future. Some additional coverage options that can help businesses include:
- Workers’ Compensation Insurance
- Professional Liability Insurance
- Commercial Auto Insurance
- Equipment Breakdown Coverage
- Cyber Liability Insurance
- Data Breach Insurance
- Home-Based Business Insurance
- Employee Dishonesty Insurance
- Employee Practices Liability Insurance
- Surety Bonds
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Advantages Of A BOP
Finding the right insurance policies and coverage for your business can provide you with many benefits. The advantages of using insurance are that you can save yourself frustration or financial ruin in the future. One of the biggest reasons to have BOP insurance is the convenience of not having to manage multiple policies. BOP simplifies billing, renewals, and claim processing so that they are all managed in one place.
Business owners can also have peace of mind knowing that critical areas of their business are protected. It is difficult to plan for every scenario and develop a plan for the unexpected. BOP has comprehensive coverage that will provide you with a broad range of monetary coverage, legal advice, and more.
Why You Need A Business Owners Policy
Insurance for business is just one aspect you will need to keep making money and providing services to customers. Whether you own a small bakery or a thriving marketing company, having business owner insurance will save you from juggling one more thing. Business owners will need to assess their risks before meeting with an insurance specialist.
Tower Insurance Brokers can help you shop for different options that can cover emergencies and grow along with your business. Working with an experienced insurance agent will help you find a policy that best suits your niche. We don’t work with one specific insurance company, which means you will get the best deal and protection possible.