Given the potential risks of operating a business daily, you need proper insurance coverage. A BOP protects your company against fire, flood, theft, loss, and damage, regardless of its nature and size. In the event of these incidents, you rest assured that the resources to carry out operations efficiently and effectively are on hand.

Why Should You Get Business Owners Insurance?

If you run a small to large-sized business, you need BOP to insure yourself against liability and financial losses. This is because a potential risk can cause your company to temporarily or permanently cease operations. Your customers are a top priority and any lapse in service can potentially hinder them from doing business with you.

For example, a fire that damages your main warehouse, or a business interruption due to a natural disaster, will cause you to lose all your stock and suffer a loss of income. Without BOP insurance, you would have to restock out of your own pocket. In addition, you’d have to foot the renovation costs.

A BOP helps you to minimize downtime, as you plan for the long term.

Protect Your Commercial Real Estate

Property insurance is one part of a business owners insurance policy. This coverage pays to repair or replace your inventory, building, and other business assets. In addition, it covers the costs of a business interruption, which occurs when your company is unable to operate due to a covered loss. You may choose from a range of coverages, like:

Protect Your Business From Liability

Additionally, you are covered by business liability insurance. Liability coverage protects your business from third-party claims on injuries and damages. However, it excludes risks associated with professional services; for instance, a wrong piece of advice that leads to a customer’s financial loss and a follow-on lawsuit. You need business liability insurance if you:

For example, a worker in your firm is injured on the job. The injured worker sues your firm, claiming that your workers’ compensation insurance policy is inadequate to cover his medical costs. If you are deemed liable, you could face steep fines that would severely damage your finances.

However, you shouldn’t bear this burden alone as BOP insurance covers legal fees, court costs, and damages.

How Much Does Business Owners Insurance Cost?

The cost of business liability insurance varies according to the nature and size of your firm, the insurer you select, and the amount of coverage you purchase. In general, you can expect to pay $40 to $170 per month for a small- to medium-sized business. Discounts are available if you purchase multiple policies from one insurer.

When purchasing business insurance, carefully consider your risk factors and choose the most effective policy that protects your income, property, and other related assets. With a BOP, your daily business operations remain stable, while you focus on the future of your establishment.

A Complete Package for Your Business

You don’t need multiple policies to fully insure your business. A BOP covers all the risks associated with your company’s operations, ensuring that you have access to the insurance money needed to stay profitable whenever the situation arises. Nothing tops the peace of mind that comes with such provisions. Furthermore, you save more when you purchase a two-in-one policy than separate policies.

Tailor BOP Insurance to Your Daily Operations

There is no one-size-fits-all solution when it comes to business insurance. So when you’re choosing the right protection, consider whether your daily operations need extra protection. Also, determine whether your business’ exposure is a lot higher than the standard industry norms. This helps to decide whether you need a more expensive business insurance policy or a cheaper one.

If your business is small and new, it might be better to go for a cheaper, but quality BOP insurance policy, as premiums are calculated on a per-contractual basis, based on your type of business. If you find that you need more protection, purchase an add-on policy, which will add coverage to your basic BOP policy.

To learn more about your coverage options, contact us today.