One way to make things easier on a business owner and to save some substantial money, is to look into what’s called a Business Owner’s Policy (BOP). Insurance can be purchased separately or in a package called a business owners’ policy (BOP). Purchasing separate policies from different insurers can result in higher total premiums.
A BOP combines the typical coverage options into a standard package and is offered at a premium that is less than if each type of coverage was purchased separately. Typically, BOP’s consist of covering property, general liability, vehicles and business interruption, as well as other types of coverage common to most types of businesses.
BOP’s simplify the insurance buying process and can save you money! However, make sure that you understand the extent of the coverage offered in any BOP that you are considering. Keep in mind, though, that not every type of insurance is included in a BOP. If your business has unique risks, you may require additional coverage.
In your search for coverage, you’ll want to be very sure that you only deal with a licensed independent insurance agent. Commercial independent insurance agents can help you find policies that match your business needs.
It’s important that you find an agent that is reputable and is interested in your needs as much as his/her own. Make sure that your agent understands all of the risks associated with your business. Finding a good insurance agent is as important as finding a good lawyer or accountant. The more diligent you are in your search, the better backup you’ll have on your side!
In closing this section, keep in mind that as your business grows so do your liabilities. You should reassess your coverage on an annual basis. You don’t want to be caught under-insured, should disaster strike.
If you have purchased or replaced equipment or expanded operations, you should contact your independent insurance agent to discuss changes in your business and how they affect your coverage.