Does Your Small Business Need a BOP?

Small businesses have the same kinds of liabilities as larger organizations but may not have the financial resources to handle a disaster. You probably already have a general liability policy, business auto insurance and professional liability. If you’re wondering whether business owners policy coverages are right for you, consider the comprehensive coverage provided by a BOP.

Industry-Specific Coverage

A BOP is insurance packaged to meet business needs specific to an industry. It can still be tailored to your business specifically, but in general, this policy protects your business financially if the property is damaged. You may have a policy that covers income loss due to a business interruption, such as a fire or tornado. It would be the policy that you would turn to if a car plowed through the front window. This policy usually covers exterior damage to signs or equipment.

Life Is Unpredictable

If you’re watching your bottom line carefully, you may wonder if you really need business owners policy coverages. Do you have the financial reserves to handle a catastrophe on your property? If you answered no, at the very least, you should consider a BOP to protect your hard work. Talk to your insurance agent about a BOP for your business. Make it part of your risk management plan to have peace of mind.