Business Owners Policy (BOP) Insurance Information
Business owners are vested in their organization’s successes and struggles. Operating a company is a complicated venture with many risks and exposures, and as owner, your personal finances may be closely connected with your business. With these things in mind, it’s crucial for business owners like you to protect yourself and your company financially. Fortunately, a business owners policy (BOP) offers a convenient and suitable safety net.
The experts at Larry Burkman Agency make it their mission to help businesses in the Huntsville, Madison, Athens, Decatur and Hazel Green areas protect themselves with suitable BOPs.
What Does A BOP Cover?
Regardless of your business’s sector or size, several core types of coverage can prove integral to an optimal insurance portfolio. BOPs provide an attractive and cost-effective option by bundling several necessary protections into a single policy. In general, most BOPs are intended for small- and medium-sized businesses and will include the following coverages:
- General liability—If your business is responsible for an incident that resulted in a third party accruing losses or damages, this coverage can help pay for various expenses, such as:
- Health care
- Missing wages
- Property damage
- Legal expenses
- Commercial property—By including this coverage in your BOP, your insurance will be able to render assistance for damage to property used to operate your company, such as:
- Business interruption—If a covered event forces your business to cease its regular operations temporarily, your insurance can help pay for various resulting expenses, such as:
- Rent or mortgage payments
- Lost income
- Tax payments
- Loan payments
As a business owner, you should also consider your company’s specific operations when building an insurance portfolio. Depending on circumstances, certain additional coverages may be advisable, such as the following:
- Workers’ compensation insurance
- Professional liability insurance
- Cyber liability insurance
- Employment practices liability insurance
- Commercial auto insurance
Get the Right Coverage
Owning your own business can be empowering and liberating, but it also brings significant responsibility and risk. Margins may be thin, and growth or losses may be determined by small or minor events. Given how even a single liability issue, damage to your property or interruption of your operations could have a substantial financial impact, it’s crucial to have the protection a BOP can offer.
The insurance professionals at Larry Burkman Agency are dedicated to helping you secure your business’s future. Contact us
today to learn more about BOPs and find optimal coverage.