Not all BOPs are the same. Owning your own business is the dream of thousands of people. In the United States alone, over 30 million small businesses generate 1.5 million jobs annually and account for 44% of the country’s economic activity.
But beyond the idea, entrepreneurship needs security to ensure the business survives the risks it faces. If you have an idea to start a business and have already secured financing, you must recognize seeking protection from an insurance company.
Insurers specializing in business protection offer packages for business owners, known as BOP (Business Owner’s Policy), designed to cover the most common risks, such as fires, hurricanes, theft, vandalism, temporary closures, and lawsuits.
The typical BOP includes commercial property insurance to protect the premises and business logistics, general liability insurance to shield you from potential lawsuits for customer injuries or damage to third-party property, and business interruption insurance to help replace income losses if you can’t operate due to covered damages in your policy. The latter covers employee wages and business debts while closed, for example, after a fire. Statistics show that most small businesses only survive a sudden closure with this coverage.
Additionally, there are other policies, like workers’ compensation insurance, which is mandatory by state laws, and professional liability insurance, which protects against claims of negligence, errors, or omissions.
You may need commercial auto insurance if you employ vehicles in your daily work and data breach insurance if you handle sensitive customer information.
Since not all businesses are the same, the insurance package for a small business should be tailored to your venture’s specific characteristics and needs. It’s advisable to contact a specialized insurance agent at Univista Insurance to design the best protection for your business at the lowest possible cost. Not all BOPs are the same.
Call us today for a comprehensive assessment! 305-728-2088. You can also get a free quote here.
