If you own a business, you should consider a business owner's policy, commonly referred to as a BOP. This is an insurance package that combines liability, property and other business-related protection
Small and medium-sized businesses often get BOP coverage to insure a wide array of risks. Here's a closer look at how it can benefit your business.
The Extensive Insurance Coverage Every Business Needs
A BOP provides plenty of coverage for your company's property. This includes all of your business' buildings and the contents within them.
A BOP also often includes insurance for business interruptions. This covers lost income if something disrupt business operations. In some instances, it even covers the extra cost of operating from a temporary location.
Additionally, a BOP generally provides liability protection that covers the business' legal obligation to prevent harm to others. If the business owner or staff fail to do something, and it results in harm to a consumer or vendor, this coverage will protect the company.
Avoid the Time Consuming Insurance Search with a BOP
There are more benefits to a BOP than the specific coverage it provides. The convenience of enrollment is also a big plus.
It generally takes some time and extensive research to find the right business insurance coverage. But an all-in-one BOP plan allows you to skip over this process.
Still, if you're interested in streamlining the insurance shopping process with a BOP, you should make sure your business qualifies for it. In general, small to medium-sized businesses qualify for plans if they have fewer than 100 employees and less than $1 million in revenue. Companies that exceed these maximums might not be eligible for BOP. Instead, they will have to buy insurance policies one-by-one.
Create Your Own BOP Plan
If you qualify for a BOP, you can combine liability and property coverage with an array of add-ons. This means you can customize your BOP plan to your business' specific needs.
For example, you can add medical payments insurance to your BOP. It covers the medical expenses of third parties that arise from a liability claim.
You might also consider data breach insurance, which covers databases and other online resources from hacks and similar issues.
If your business has expensive equipment — such as computers, copiers or break room machines — you can add equipment breakdown insurance to protect you financially in the event of a malfunction.
Then there's loss of income insurance. This helps cover the revenue lost when your company's daily operations come to a halt. Loss of income insurance can also extend to your financial obligations, such as payroll and rent.
A BOP is Easy to Understand and Affordable
Part of the appeal of BOP is that it makes life easy for you as the owner of a small to medium sized business. It groups of your company's insurance coverage grouped together one, customized plan. And it can do this at a surprisingly affordable rate.
Does your coverage adequately meet your company's specific needs? Call Prestige Insurance Group, Inc. at (888) 969-8778 for a free Miami BOP quote.