Business Owner’s Policy
One of the most important parts of having a small business is making sure that you are protected with the right insurance policies. While you have the option to invest in separate liability and property policies, you may be able to save money and simplify your coverage with a business owner’s insurance policy.
For small businesses that qualify, a business owner’s policy, or BOP, is the most comprehensive and least expensive way to protect your company. Typical BOPs come with three coverage options, including liability coverage, property coverage, and business interruption. The business interruption coverage portion of your policy will help to cover lost income and other expenses that are incurred if you have to close down your business for a period of time after a covered peril.
All small businesses can benefit from a BOP. If your company has less than 100 employees, and a revenue of less than $1 million, you should look into a BOP to provide coverage. If you exceed these qualifications, investing in separate coverage policies may be the best option to properly protect your company.
You may also have the choice to add additional coverage options to your BOP depending on your policy, so make sure to ask your insurance agent. If you have any risks that are specific to your business, your insurance agent may suggest other types of coverage that can benefit your company. You may also want to consider increasing your liability coverage with an umbrella insurance policy to make sure that you have the protection that you deserve.
For all of your business owner’s insurance needs, contact Phocus Companies in Phoenix, Arizona. As an independent insurance company, we will work with you to ensure that you have the right amount of protection, all at the right price to fit your company budget.
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