If you’re a new business owner, then you likely already know that there are many things you must consider as your company develops. One of the most important decisions you’ll ever make for your business is whether or not you should obtain Business Owners Policy insurance. Southern States Insurance is more than happy to highlight the specifics regarding this type of insurance and explain why you may need it.
What Does A Business Owners Policy Cover?
Business Owners Insurance combines Property and Liability Insurance into a single policy. Small and medium-sized businesses are typically the formations that benefit most from this type of insurance. It can be classified into two primary coverage areas: property and liability. However, you’ll want to be sure that you understand what these categories include.
BOP liability coverage includes things such as property damage or even customer injuries. It’s the same type of coverage you would expect in any Liability Insurance plan. A Business Owners Policy also includes property coverage for buildings and structures associated with the business operation, or cleanup, removal, income loss, or other costs associated with a covered loss.
What Doesn’t A BOP Cover?
It’s imperative that you read your BOP policy carefully as some things are simply not covered. For instance, the liability portion of BOP does not cover employees, so as a business owner, you need to obtain an additional workmen’s compensation policy. Additionally, while property damage is included, damage from an earthquake usually is not. Make sure you ask questions regarding your policy to ensure that you are properly covered based on your location and situation.
What Types Of Businesses Need A Policy?
Usually, small and medium-sized businesses benefit the most from BOP coverage. The types of businesses that may fall into this category include restaurants, small shops, or contractors. However, an insurance agent will be able to help identify if your business would benefit from this coverage.
How Much Does A Policy Cost?
The exact price of any policy may vary. However, you’ll need to speak to an insurance broker to know what your monthly premiums will be based on your policy.
Factors such as the type of business that you have or even the state where your business is located may all play a role in the cost of your insurance. Keep in mind; your premiums may be higher if you have a history of insurance claims or if you have high coverage requirements. Additionally, if your business needs policy endorsements for additional coverage, this will also influence the final price.
Reach Out To The Business Insurance Brokerage
If you are starting a business, then you should consider the benefits of the BOP. You never know what may happen, and BOP Insurance may provide the layer of protection that you need to protect yourself and your business. Contact Southern States Insurance to learn more about your insurance options by giving us a call at 888.971.6304 or requesting a quote online today. We look forward to serving you!