Have You Hugged Your BOP Today? Protecting Against Business Liability
If you are a small business owner, there are two ways that you can protect yourself against threats to your business caused by theft, injury of others, and a variety of other problems that can and do occur in just about any business. Your first choice is to hope for the best, exercise prudence and caution, and hope that if you need outside help your fairy godmother will show up at just the right time. Unfortunately, prudence and caution are not sufficient protection, and the fairy godmother is notoriously unreliable.
Your other choice is to purchase insurance that will protect you and your business from a variety of problems that can and do occur. For small business much of this coverage can be included in a BOP, or Business Owner’s Policy. A BOP is a special package that combines certain primary coverages in a cost-savings manner. Primary coverages include general liability insurance, property insurance and certain other types of loss such as business interruption or lost income.
General liability insurance helps to protect against claims of bodily injury as well as physical injury or damage to property. Property insurance protects the value of your physical assets, or even customer property if it is in your care. Business interruption insurance covers against unexpected events such as a fire that cause you to cease your operation for a period of time. Closing your business unexpectedly can be a very serious problem. Smaller businesses depend on daily operations to meet their bills, pay the help, and meet any other obligations. Finally your customers depend on you being open as well. A prolonged closure can even interrupt your traction in the market.
BOP can be a smart choice for smaller companies. This type of bundling can save money on premiums while providing the coverage that you require in an understandable manner. One way to learn more about what may be suitable for your business is to investigate different providers. One comprehensive source that can address most issues is Insureon, a national business broker serving companies of all sizes.