Do you own a business?
We recommend you consider a business owner policy (BOP). The BOP is a prepackaged policy that was designed to fit the needs of small businesses. Prepackaged means that you will not have to worry about buying different coverages but instead you’ll have everything a small business needs. The liability and property coverage are already included and you will find a single premium for the policy. Let’s see what each section covers.
Your building and personal property will be covered under this section. There are several additional coverages such as debris removal, preservation of property, fire department service charge, and more. You can also add coverage extensions to make sure everything is covered in case of a loss. The insured has certain duties that have to be followed in case there is a loss. For example, giving prompt notice to the insurance company is one of the duties.
Always remember that the liability coverage covers liability to others. You have business liability and medical expenses under this section of the policy. Medical payments coverage of a BOP will pay medical, dental, hospital, and funeral services. All of these have to be incurred within 1 year from the date of the accident.
Small businesses usually operate with a very tight budget. An incident or loss can set them back or even cause bankruptcy. This is why having insurance is so important. Some business owners think that this is a waste. However, if you do not have the financial capability to recover from a loss, then insurance is a great investment. A BOP usually does not have a high cost. It was developed so small businesses can be covered without worrying about high premiums. Additionally, you can add endorsements that will expand your coverage.