Richard Turner Insurance Agency Blog
Owning a business can be exciting, but it also means it's your responsibility for your business to be successful. That means it's very important to find superior insurance for your business without breaking your bank, especially when you have a small business.
Whether you're in a small retail or a simple coffee shop, a Business Owner's Policy or BOP is what you need.
What is a Business Owner's Policy?
A BOP is a small-business owner's insurance package that protects your company from property and liability damage under a single policy. It's a low-cost solution designed for low-risk ventures that need coverage but don't need very high protection.
A BOP package typically consists of three insurance policies, which are:
Why do Small Businesses Need BOP?
A BOP is essential for a small business because it can help you cover damage-causing events such as fires, thefts, and lawsuits. Listed below are some insurance policies under BOP that you might want to know.
General Liability Insurance
Whether it's your negligence or a third party's, it's hard to swallow that a lawsuit is inevitable and expensive. When you own a small business, and a customer or employee injures themselves in the workplace and sues you, it can be devastating to you and your company.
However, if you have a BOP, you should be less concerned about general bodily injury and property damage claims. General liability insurance can help cover costly medical bills and attorney fees that can legally end your livelihood.
Business Property Insurance
When a fire destroys all of your equipment and inventory in your workplace, it can be difficult to recover, especially if you own a small business. However, under BOP, your commercial property should be insured, covering loss or damage to assets such as buildings, machinery/equipment, and other commercial contents.
Business Interruption Insurance
In line with your business property insurance is your business interruption insurance. What this insurance does is that it replaces your income lost after recovering from a disaster. The occurrence could be a fire, theft, or a natural disaster such as a hurricane.
Small businesses need a business owner's policy because it may provide general liability coverage and compensation for damage or loss to your building, equipment, and inventory. As a business owner, you should take precautionary measures now before it's too late, so get your company insured.
At Richard Turner Insurance Agency, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (619) 296-6222. Get your free quote today by CLICKING HERE. The coverage discussed in this article is not guaranteed. Please call our agents, we are happy to help you learn more about your plan and make sure you have the coverage you need.