Business insurance: BOP and additional coverages
Whether you have a new business or an established one, it is something you need to protect should the unexpected happen. Business insurance is particularly complex because there are many options and choices. The first choice you need to make is with which agency to deal when it comes to your commercial insurance. First Choice Agency can help you with the right business insurance in Amityville, Babylon, Brooklyn, Farmingdale, Jamacia or Massapequa.
To help simplify matters a bit most small business owners can start with a BOP. A BOP (Business Owners Policy) combines property insurance and liability insurance into one policy. Since most businesses face similar risks such as property damage and liability claims, a BOP policy does have cost advantages.
A BOP will cover your buildings and contents for specified events and risks. That is the property insurance component of your business owner’s policy. A BOP also offers you liability cover or so called 3rd party insurance. This enables you to mitigate claims by third parties for damages or injury resulting from your business operations. A BOP can also cover you for business interruption as a result of fire or some other calamity.
However, a BOP does not cover everything. For example, a BOP does not cover commercial auto, workmen’s comp, group medical, disabilities or professional auto. It also does not address the unique needs of certain industries such as transport, catering, construction, hazardous waste, body shops and more.
You also need to understand and be aware of the limits of your coverage and of course any specific exclusions.
When it comes to business insurance it makes sense to consult an insurance expert. You want to talk to an agent who specialises in commercial insurance and who will take time to understand your business and your coverage requirements.