Operating a business can be tough as you try to juggle multiple responsibilities at once. Business insurance can help alleviate some of the stress by protecting you during troubling times. You are likely looking for a policy that aligns with your financial situation. Here’s a look at how purchasing a Business Owners Policy may benefit you.
If you are a business owner, Business Owners Policies can assist you through providing commercial property insurance and general liability insurance. Bundling the coverage together can help you save money.
Commercial Property Insurance
Commercial property insurance covers your goods, equipment, and inventory if they are damaged in a fire. Business property insurance also helps cover your business while the damage is repaired. This gives you peace of mind that the expenses are covered if your business suffers damage from a fire or natural disaster. Your business will also have business interruption protection, and you will be compensated if your business has to shut down temporarily because of a covered loss.
General Liability Coverage
While operating your business, remember that you could be sued at any moment. General liability coverage protects your business if you cause damage or someone suffers a physical injury while visiting your business. You are covered against allegations of slander or defamation of character. General liability insurance covers the damage and pays for any medical expenses that are needed.
Some variables aren’t covered through a BOP. Professional liability coverage is not included in most BOPs. Professional liability coverage covers your business against allegations of malpractice and negligence. Workers’ compensation is also not included in a BOP. However, workers’ compensation is a requirement in most states to operate a business, as it protects your business if one of your employees suffers an injury on the job. Also, if you use work vehicles, you will need commercial auto coverage. However, this is not included in your BOP. You should add extra coverage based on the individual needs of your business.
Is a BOP the Right Fit?
Assess the needs of your business before making a decision. Each business has to deal with different risks depending on the industry that they are involved in. Every business needs general liability coverage, but perhaps you don’t need property coverage. Workers’ compensation is essential, even if you only have three or four employees. If you provide advice, you’ll need professional liability insurance to protect your business against the threat of a lawsuit. BOP is an asset for businesses that operate out of a building, interact with people, and have equipment that could be stolen or vandalized. Bundling policies together helps you avoid some of the fixed costs associated with traditional insurance policies. While you may save money, remember that BOP isn’t very flexible, so you may be left paying for coverage not relevant to your business.
Consult with Scautub Agency, LLC
It’s important that you find a policy that is tailored to the needs of your business. If you have any questions about your insurance or need a BOP, contact our agents at Scautub Agency.