As any business owner knows, most companies require similar types of insurance coverage. The common types of risk come down to property, injury, theft, and loss of revenue to the company. For example, insurance requirements are much the same, whether you’re talking about a car used for your business, or for one used for personal travel. You’re going to require liability, collision and comprehensive, along with medical payments for personal injury protection, in either case, along with coverage for uninsured motorists.
Property and liability exposures are often the two key factors when making decisions about what you need to insure against and for how much. One great advantage you have, as a business owner, is the ability to purchase a business owner’s policy, or Indiana BOP insurance. There are a few different types of coverage that you can endorse onto BOP policies.
Most businesses like to include equipment breakdown coverage, as well as incorporate other liability and property insurance options. A BOP is a package policy usually purchased by smaller or medium sized businesses. These packages are designed for companies with a higher risk threshold.
Some coverage is unavailable as part of a BOP
Some key products, but certainly not all of the policies required of most companies are offered under an Indiana BOP insurance bundle. Some BOP policies do offer business income and extra expense protection after an insured loss. Some key policies not available as part of a BOP package (but are still required or necessary coverage), include workers’ compensation, professional liability, and business auto coverage.
While your business may be running smoothly at present, without the proper insurance in place, a company that is now profitable could find itself on the verge of bankruptcy. Don’t be lulled into a false sense of security due to the fact that things are going well at the moment. It’s a mistake to think that a catastrophe couldn’t happen that would seriously impact your business. Remember that something seemingly minor could end up wiping out a lifetime of hard work.
It’s important to sit down with an agent that will examine all of your possible options before you make any final decisions. An Indiana BOP insurance policy just might meet many of your current needs.