Here at Anton Insurance, we often suggest a business owner’s policy, called a BOP, for small business clients. Insurance companies offer these packages of protection to meet the needs of a variety of relatively low-risk companies. At the same time, a BOP might provide you with a good starting place for essential small insurance. However, do you know if buying a BOP will provide enough coverage for your unique company?
What is a Business Owners Policy?
A BOP typically includes commercial liability, property, and business interruption coverage. Some carriers we work with also provide additional options to make their products more flexible. They may even have tailored BOPs for specific industries. For instance, the best BOP for a small store might not look exactly the same as the best BOP for a home handyman business.
Anyway, a BOP may be a good place to begin insuring your business. Because it’s a package deal, business owners can usually take advantage of discounts for buying multiple policies. Insurer your business with one carrier can also make it simpler to compare premiums and submit and manage insurance claims.
Does a BOP Offer Enough Protection for Your Small Business?
These are some kinds of coverage that you won’t generally find inside a BOP:
- Cyber insurance: These days, risks to digital information and computer networks have grown into a large concern. If you depend upon your website or customer information, you’d be prudent to consider protecting it.
- Business insurance: Even if your company is small and only relies upon personal cars, you need to cover them for business use. Though you might have a chance to add commercial coverage onto your personal policy, you should never assume that it’s there already.
- Professional liability: If someone claims that you gave them poor advice, they could file a lawsuit against you for property damage or even personal injuries. Typical business liability won’t cover these professional liability claims.
- Workers compensation: To comply with Wisconsin laws and protect employees, you may need to workers compensation. It’s rare to find workers compensation included as an option for a BOP.
- Benefits: You may also want to offer such employee benefits has life, health, and disability insurance. You can’t count upon a BOP for these either.
- Floods: Our Wisconsin clients have grown all too familiar with the potential for floods after the snow melts or during a summer thunderstorm. Typical commercial property insurance won’t cover these.
You might still be able to find insurance packages that offer your business more flexibility. In other cases, you might need to purchase some coverage on its own. It’s best to assess your risks and then shop around for the right combination of insurance to protect your company and your livelihood properly. You should do this when you begin a new business after you make any business changes, and periodically afterward.
Does Your Business Have Enough Insurance?
At Anton Insurance in Columbus, WI., we want to make certain that you understand business risks and the coverage that you already have. After we help you assess risks, we’ll also use our contacts with multiple insurers to find you better solutions. We want to help save you money on premiums and even more important, get your claims settled if you ever have an issue. You can call us or request help online.