If you own a small business, you already know that you can protect yourself from some of the unknown hazards out there with insurance. If you have not looked into a business owners policy insurance option, you may want to find out if it is a good fit for you.
Business owners policy insurance, commonly called a BOP, is a combination of general liability and property insurance. By bundling these two types of coverage together, it may cost less than if you purchased them separately. These types of insurance policies are generally geared toward small- and medium-sized businesses, and may not be right for every company.
One major reason to consider a BOP is the availability of business interruption insurance, which can provide reimbursements for lost revenue for up to a year if anything happens to your business that makes you unable to operate and earn income.
Since it combines property and general liability insurance, a BOP traditionally covers things like losses due to theft, fire, and equipment problems, in addition to protection in the event of a lawsuit—whether it is from an employee, a customer, or a third party.
If you own a small or medium business, one unexpected event can cause tremendous harm to your business. Finding business owners policy insurance that provides the right protection and coverage will help you prepare for the unknown, and recover so your business can continue to operate.