Small-to-mid sized business owners interested in covering all of their insurance needs may want to consider the acquisition of a Business Owners Policy (BOP). These insurance policies are often tailored for specific types of business and industry, giving them all the protection they need for a low coverage price.
What is Business Owners Insurance?
Business owners insurance is essentially a collection of different insurance options that a business owner would need to safely conduct business. BOP generally includes:
- Liability protection. What happens if your business somehow causes harm to another business or an individual? This could happen through faulty equipment, careless employees, or even through not fault of your own. Liability protection covers the damages associated with this type of incident.
- Business interruption insurance. If there’s a fire, flood, or even a cyber attack, what happens during your company’s downtime? You may still need to pay overhead and expenses, but you won’t be collecting any revenue. Business interruption insurance covers these shortfalls.
- Property insurance. From real property to equipment and tools, property insurance protects your physical assets. Fire, theft, vandalism, and other threats could easily impact the value and operation of your physical property. Property insurance will make you whole.
For many businesses, liability protection, interruption insurance, and property insurance will cover most risks. Other businesses may also want errors and omissions insurance, employment law insurance, or other specialized packages. Regardless, a business owners policy is an excellent starting point.
What Doesn’t BOP Cover?
Business owners policies will not cover auto insurance, professional liability, workers compensation, health insurance, or disability insurance; all of these are additional, separate packages. But a qualified insurance agent can help a business owner put together a complete package that is right for them.
A business owners insurance policy is designed to protect the business and its owner, and thus does not include policies designed to cover employees, automobiles, or any professional services rendered.
Because of this, BOPs are usually recommended for small business owners, rather than larger corporations.
Insurance is incredibly important for every business, and it doesn’t have to be overly complex. By acquiring a business owners insurance policy and adding on any other, necessary options, a business owner can create a complete, comprehensive insurance policy to protect them from virtually any risk.
If you’re looking for the right insurance policy for you and your business, you can get started now.
About David G. Sayles Insurance Services
At David G. Sayles Insurance Services, we strive to protect the investments of homeowners like you. Our comprehensive policies are customized for you to provide the exact coverage you need. For more information, contact us today at (800) 439-0292.