Learn how a business owner’s policy might be the affordable commercial insurance that your business needs.
If you run a small business, then you understand how important it is to get your business the insurance protections that it needs. However, with all the different commercial coverages out there, choosing the right small business insurance policies can seem like a daunting and expensive task. However, if you’re looking to get your business all the essential coverages for an affordable rate, then you should consider getting a business owner’s policy (BOP). Here’s what a BOP can do for your small business.
What is a BOP and what does it cover?
A BOP is a policy that combines various essential insurance policies all for one convenient price. Generally, a BOP will bundle general liability insurance, commercial property insurance, and business interruption insurance.
- General Liability– This portion of a BOP will offer coverage if a third-party sues your business for bodily injuries they suffered on your premises, damage to their property while under your care, or for advertising injuries (e.g. copyright infringement, slander, libel, etc.)
- Commercial Property– This portion of a BOP will provide coverage for your commercial building, furniture, equipment, inventory, and supplies when they are damaged by perils such as vandalism, fire, or extreme weather conditions.
- Business Interruption– This portion of a BOP will ensure that your business does not suffer too intensely if you are forced to temporarily halt business operations due to a covered property claim. Business interruption insurance will help you pay for your business’s ongoing expenses (rent, payroll, taxes, etc.) when you are unable to generate revenue.
Why is this policy worth it?
Not only do BOPs offer your business all the essential insurance coverages that it needs, but these plans are also extremely customizable. You have the ability to add on policy riders and extensions that cover your business’s specific risks. Additionally, because all of these coverages are not purchased separately and are bundled together in one convenient policy, having a BOP allows you to get relatively comprehensive coverage all for one affordable price.
Who should get a BOP?
BOPs are specifically designed to meet the needs and budgets of small business owners. BOPs work for businesses with small commercial properties, businesses that are considered “low risk,” and businesses that only need a year of business interruption coverage.
This is what a BOP can do for your business. Do you have more questions regarding insurance for small businesses? We at PMC Insurance Group are experts on small business insurance and can help you get the coverage you need. Contact us today to learn more about getting competitive coverage for your small business clients.