A business owner’s policy, or BOP insurance in Carmel, allows business owners to focus on the many unexpected challenges of the day and better cope with the day-to-day issues of running a small business. The purpose of a business owner’s policy is to cover property and liability losses from any unexpected risks occurring. If a fire results in smoke damaging merchandise or an incident winds up creating a liability claim from an injured customer you’ll have the proper coverage to deal with these concerns.
In addition, you can opt for coverage for business income that can help a business in distress when operations are halted and continue on until normal operations resume. Without these coverages in place, you would find it difficult to personally cover the costs of a catastrophic loss. A BOP is a smart way to minimize your risks while protecting your small business.
A BOP is designed for medium to small sized businesses
A BOP is a package of coverages including property and liability insurance. The exact items and situations that are covered will vary by insurance company and policy. The ideal business for BOP insurance is a mom and pop outlet with common, non-specialized risks. Typically, coverage for buildings may not exceed 25,000 square feet in total floor area and annual gross sales must be less than $3 million. A BOP is a good solution for businesses without extensively specialized exposures.
Always better to consult with a small business insurance agent and make sure to thoroughly read any policy before purchasing. Business owners insurance doesn’t include other important coverages like long-term disability or workers compensation. It’s a great idea to inquire about the availability of these coverages as riders, instead of purchasing them separately as it can be at great expense.
Business owners should compare quotes in order to lower business insurance costs. BOP insurance in Carmel is a great small business insurance package. Any highly exposed activities, for example, livery or trucking services, are better addressed by purchasing specialized insurance policies. Knowing the types of exposures that confront your business will make the decision whether or not to consider the general coverage provided by a BOP a lot easier.