Insuring with BOP insurance your business is a smart financial decision to make when first starting out. You will want to explore the options available to you and tailor your insurance package to fit your business’s needs.
For a small business, lucrative insurance is typically not necessary. However, it is difficult to factor in an appropriate amount of insurance into an already constrained budget.
General insurance plans will cover basic liability such as property damage or bodily harm. Some business owners will try to get by with only this type of insurance.
It is a good idea to look into other types, such as Errors and Omissions insurance, Property insurance and Directors and Officers insurance, among others. These plans can be chosen on a needs basis.
Selecting one or more of these plans can be costly, especially when dealing with several different insurers. In this instance, it would be best to purchase a Business Owner’s Policy.
A Business Owner’s Policy (BOP) essentially consists of numerous types of insurance wrapped up into one plan. This makes purchasing a plan easier. Insurance companies offer this type of plan at a more affordable rate because of the bundling of collective insurance plans.
BOP insurance can include, but is not limited to, Crime, Liability, Property, Automotive and Business Interruption insurance.
This catch-all plan is also more flexible for small businesses. You can choose to expand or trim down the scope of your BOP insurance as your business grows and changes.
Keeping your business fully insured is important to the overall well-being of your business itself. It is necessary to note that BOP insurance still doesn’t cover everything in total. There are extreme circumstances that can not be avoided, such as natural disasters and family emergencies. In this case further insurance may need to be purchased.