Before opening your doors, there are many essential tasks to take care of, like finances, location, inventory, hiring employees, and having proper insurance. Lawsuits, accidents, and property damage may occur. That’s why it’s essential to have the correct type of business insurance protection for your specific niche.
The right kind of coverage will give you peace of mind to focus more on building towards your business goals instead of constantly worrying about what-ifs and the worry of having to pay out-of-pocket for them. With adequate coverage, you will feel more at ease to know that your finances are protected.
So what type of insurance do you need? A Business Owners Policy (also known as BOP Insurance) is an affordable way to save money and protect your company. It covers property damage and other risks, including injury if a customer trips and falls. A Business Owners Policy offers a layer of business protection to keep it thriving and is more affordable than paying for individual insurance coverages, which can add up over time.
Business Owners Policy Insurance Defined
A Business Owners Policy is very customizable to fit your needs. It combines necessary protection to save you money in one package, making it affordable because you are only paying one premium instead of multiple. It offers protection against the most common risks from operating a small business. BOP Insurance usually includes General Liability Insurance and Commercial Property Insurance. You can also add other protection like Workers Compensation Insurance, Commercial Auto Insurance, Earthquake and Flood Insurance, and Business Interruption Insurance. So what do General Liability and Commercial Property Insurance cover?
General Liability Insurance protects your small business from bodily injury or damage to a client’s property. It covers costs for customer/clients’ property, their medical expenses if they were injured at your place of business, and legal fees to defend your company.
Commercial Property Insurance
Protects the property that you own or rent. It will cover equipment, inventory, furniture, and fixtures.
Business Owners Policy Eligibility
Many small businesses are eligible for BOP Insurance. Companies that qualify include retail shops, boutiques, auto repair shops, various business offices, photography studios, cafes, consulting firms, and many more small business types. For your business to be eligible for BOP insurance, your business should have:
- 100 employees or less
- Earn less than $1 Million in Annual Revenue
- Low-risk industry
- Own or rent a small commercial business space
Save and Compare
It’s time to protect your small business with adequate insurance and save money by bundling what matters the most. The Rue Crew is here to customize a plan designed especially for your unique business needs to ensure you get the best business owners policy available.