Advantages to Business Owners Policy Coverages
Anyone that owns and operates a business needs to have insurance for a variety of risks and exposures associated with the type of business they run. Purchasing several policies from different agencies can be a more expensive solution and time consuming, which is why agents have suggested to business owners that they consider buying a bundled insurance package, commonly referred to as a business owner package, or BOP.
Business owners policy coverages are designed to package a few of the required policies a business owner needs to protect their business, along with any personal assets that could be threatened should they experience a large claim against their company resulting in a large settlement amount.
When purchasing insurance there are many advantages to having an insurer that understands your market and can help you to obtain the best rates from the most trusted carriers in your area.
Some advantages of a BOP package
BOPs generally include business interruption insurance, property insurance, vehicle coverage, liability insurance, and/or crime insurance. Based on a company’s specific needs they can exercise the option to select which policies are included in their BOP. Typically a business owner will save money by choosing a BOP because the bundle of services often costs less than the total cost of all the individual coverages desired.
Other types of available coverages
Depending on the type of company, number of employees, vehicles in use, and other existing factors, owners should consider purchasing policies that reflect the exposures the business might experience. Most businesses have concerns regarding stoppages due to any number of issues currently affecting companies nationwide, such as cyber theft, weather damage, fire, earthquake, employee theft, vandalism, and a host of other concerns.
There are certain incidents that could ultimately cause your company to close its doors for an extended period of time, (and in some cases, some never reopen again due to the amount of damage incurred). You could also face the threat of damage to your reputation and that could result in the loss of customers and vendors.
Operating a business in this day and age requires some type of risk management planning and strategy that can help prevent your business from experiencing a catastrophic loss of some sort. Securing the proper business owners policy coverages using a BOP package can make the cost of your insurance even more affordable. Speak with an agent today!