When you start a new business of any kind, it is imperative to provide the protection it needs by way of small business insurance cover.
A Business Owner Policy (BOP) is the way to go and covers all your business insurance requirements, according to Investopedia.
What is BOP insurance?
It is the ideal choice for small business owners who are focused on establishing their company. This type of insurance offers different types of coverage in just one policy, ensuring your business is correctly covered from the outset. Click here for more information.
Some typical elements of BOP include;
Insurance Against Property Damage and Liability For Your Business
This covers your office space or building and any other assets that you own or have rented, such as office furniture and equipment. Additionally, it gives you peace of mind that your business is covered for unforeseeable events such as fire and theft.
It also provides coverage against claims for liability, such as when your services or products cause injury to a person or damage to property.
Require Additional Coverage on Your Policy, No Problem, BOP Allows You to Do So Without Any Hassle
You can purchase coverage against data breaches for your business, in case your clients’ sensitive information is stolen.
Your drivers can be insured too for bodily injury or property damage caused by your company vehicles.
Coverage can also be extended to employment-related claims that are the result of harassment, discrimination, and the like.
Why would you choose BOP insurance over buying separate, defined, coverage policies?
Simply put, BOP is a hassle-free and easy way to cover all your small business insurance needs under one umbrella policy. It is custom made to your specific business and is comparatively more affordable.
How to Decide If You Need BOP Insurance
It’s a fairly simple process, all you need to do is cross-check some basics;
- Does your office or business have assets that could be damaged or cash or data stolen?
As soon as a business starts growing, the number of assets such as your cash and inventory also grows. Isn’t it better to have protection in place right from the start instead of worrying once an unfortunate event has occurred?
- Your business has a physical office
Your office could easily be a room in your house, or even a small basement and your assets would still be covered.
- You can be held accountable legally
In case of bodily harm to the customer or damage to their property or belongings as a result of the services your business provided, your client could easily sue you. It’s essential you protect yourself, especially as a small business owner, so you can focus on growing your business instead.
Be Sure to Completely Explore BOPs Before Buying One
Even though it may seem like the best option for your business, you will still need to ensure the policy covers all your small business insurance needs. For example, if you have a specialized business or one that involves a lot of risks, you may have to buy separate policies to cover different aspects.
When starting a small business, be sure to consult an insurance professional before finalizing your BOP.
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