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Do You Need a Business Owner’s Insurance Policy?

Providing Comprehensive business insurance for your business. Why accept risks that can call into questions for companies long term viability? 

Does your company need a business owner’s policy? Do you know what a business owner’s policy is?  A "BOP" is a package policy that may contain a number of different insurance policies in one; property and casualty coverage together. It should also be noted that manufacturers and most construction companies are ineligible for business owner’s policies. One guideline to consider is that business owner’s policies are commonly available to businesses with up to $3 million in revenue. In some instances larger companies can also qualify to receive this coverage. 

The advantage of a business owner’s policy is that it’s less costly than purchasing separate policies. Insurance companies will sometimes offer other coverage, like business interruption insurance, for a reasonable combination price within a BOP. Many carriers have done risk assessments of industry group, so they know and understand the risks involved, in an effort to evaluate the risk they will accept. This benefits you as the consumer of the product because they have done a lot of the work for you. Another benefit is that it can speed us the underwriting process and get your insurance bound faster. Combining insurance this way can result in a significant saving and any saving is worth looking into. 

Like any insurance, the quality of the coverage is equally important, some would say more soComputer Technology Articles, than the premium you’ll pay. Make sure any combination policy matches the requirements of your business and that the amounts you insure for would be sufficient. The last thing you want in the event of a disaster occurring is to discover that you are thousands of dollars out of pocket or worse encounter a claim that can diminish your businesses ability to operate.


Source: Free Articles from ArticlesFactory.com

ABOUT THE AUTHOR


I am an independent Insurance Agent located in Cary NC, specializing in small business insurance. 



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