If you own a business, regardless of its type and size, you need to have business insurance. Since it can be difficult to choose different individual policies, you might be better off going with a package policy. A business owners' policy (BOP) is a type of insurance policy that combines multiple types of policies into one policy to make it easier for you. Here are some things to know about this type of business insurance policy.
All BOPs Come With General Liability
One thing you should know about a business owners' policy is that it will automatically come with a general liability policy. This is the basic policy, after which you choose the other areas of coverage. General liability includes coverage for incidents regarding accidents that occur on your business property or with products you sell. If a customer slips and falls on your property, general liability helps to cover the legal and medical costs. It also includes product liability, so if you sell a product that makes a customer ill or injures them, it covers those legal costs as well.
This is a Custom Policy
An excellent reason to choose a BOP is that it is a completely customizable policy. This is a package policy that lets you choose all of the policies to be included in it, aside from general liability. You can consider your biggest risks and choose those areas of coverage. For example, you might have an antique store with a lot of valuable furniture, making fire coverage essential due to all the wood items in your store. You might be a business in an area where extreme weather or natural disasters are common, so you want to have coverage for natural disasters, such as with property insurance. Consider your top risks when choosing what policies you want to include.
You Can Get Protection From Various Crimes
A type of coverage many business owners don't realize come with the policy is with different types of crimes. Regardless of the type of business you have, you are most likely vulnerable to crimes. If you have a retail store where you sell products, you are at risk of burglaries, theft from employees, and shoplifting. There are crime insurance policies for thefts, vandalism, and employee-related crimes. For an Internet business or any business with a website, you should also have protection from cyber-related crimes, which can also be included in a crime policy within the BOP package policy.
For more information, go to websites like http://www.collinginsurance.com/.
Share14 March 2016
