As a small-business owner, you may not have heard that you can combine both your General Liability coverage and your Property Insurance into one consolidated Business Owner's Policy (BOP). This can be an excellent alternative to spending more money to purchase these types of coverage individually.
Why a BOP Is a Business Owner's BFF
Obviously, all businesses need to have insurance. It's simply the smart thing to do. But the day-to-day expenses pile up fast when you're running your own business, and many find that adding a big insurance premium to their monthly bills is just not feasible. Sticking these two essential types of coverage into one plan that is specifically designed for a small number of employees, products and space can help you get your business protected without breaking the bank. A Business Owner's Policy will get you covered from lost wages, property damage, court fees and damages that could result if someone sues your company -- but at a lower cost than having a larger account or purchasing these types of insurance separately.
Ensuring that all your company's products and services are covered under a Business Owner's Policy is essential. These packages are designed for small businesses and can get you protected efficiently and safely. This makes them a great choice for a business that is just starting out. As the company grows, the owner can then make the change to a bigger policy if necessary. A BOP offers you freedom to grow, while having the peace of mind of knowing you have the insurance you need to operate a business.
Why Get a BOP for Your Business
Even the best companies, large and small, face lawsuits every day. A BOP can keep your business from taking the hit in the event that you face a suit. Conversely, not having coverage in place could mean that any fees or settlements resulting from a lawsuit – not to mention the time and expense of simply defending yourself in court – are all coming out of your company's pocketbook. Ouch!
It goes without saying that this could be devastating to your business, and in many cases, even force you to close. Consider a BOP your "security blanket" that protects your bottom line and keeps you in business in the event of a lawsuit. And bundling up two types of essential insurance into one convenient, less expensive package is a win-win for small-business owners who are just breaking into the industry, beginning to grow, or just looking for easy, efficient coverage. Talk to your insurance agent to find out how a BOP can be the peace of mind you need for your business.