Do you own a business and want to ensure that you remain protected? Here’s how business owners insurance can ultimately save you money.
Any business is going to need insurance at some point. But finding the right insurance for your company can be a challenge. If you are a small business owner, you could greatly benefit from business owners insurance (business owners policy coverage or BOP coverage).
It can help with property damage, general liability issues, and business income issues. All of which ends up saving you money in the long run. This isn’t just insurance; it’s an investment in your company’s future.
You don’t want to be caught unprepared when someone slips and falls on your property or when a car plows right through your storefront. There’s no way to plan for every outcome. That’s why you need a policy that protects no matter the outcome.
Here’s how business owners insurance can help your business prosper and save you money.
What Is Business Owners Insurance?
Business owners insurance offers both general liability insurance and commercial property insurance in one convenient package, which takes some of the stress off searching for coverage.
BOP covers the following:
- Property damage
- General liability
- Professional liability
- Business income
- Optional endorsements
- Cyber liability
- Employment practices liability
Additionally, coverage can be tailored to fit your business needs. Fleet insurance, workers compensation, and group employee benefits can be additional add-ons to a policy.
How Much Is It?
Prices for BOP insurance can vary because of coverage and business type. It’s hard to list an exact price because it will depend on coverage and the specific needs of a business. But the cost will likely be anywhere from $500 – $800 per year.
Additionally, prices can go up if your business is more of a risk for the policy provider. For example, the cost of a policy may increase if your employees work with dangerous chemicals or if you have a lot of inventory.
Who Can I talk to?
Finding the right insurance isn’t easy. Every policy needs to be tailored to fit the needs of a business. That’s why there are insurance agents and brokers.
Delegate by leaving the work to others. As a business owner, you have enough on your plate. Why not turn to some professionals to find discounts and the best deals for you?
How Does It Save Me Money?
Buy getting business owners insurance, you are saving by combining property and liability coverage and having a single premium. This premium will be lower than if you were to get separate insurance policies.
Another perk: BOP coverage includes loss of income. This will pay for lost income, advertising fees, and relocation fees. If a biblical flood comes through and wipes away your fledgling coffee shop, BOP insurance will cover the loss of income, advertising for a new location, and getting to that new location.
The main perks are that you will save money in the event of unforeseen circumstances, and there will always be unforeseen circumstances. As long as you have BOP coverage, you have liability and commercial property coverage.
Worst case scenario
A surprise volcano forms through the main room of your fledgling coffee shop. The eruption damages a large amount of your shop. Additionally, some customers were injured in the explosion.
This is why you would want BOP coverage. A BOP would cover the damages to your property, including furniture, equipment, inventory, fences, and landscaping.
You would also have liability coverage that would cover medical expenses for those injured. It would also cover attorney fees if anyone injured decided to lawyer up.
And you can’t run a business with a volcano in it! A BOP would cover any business interruption. As mentioned, you would be covered for loss of income and relocating.
As ridiculous as the above scenario is, accidents happen. A person could slip and fall. A fire could break out and damage your entire inventory.
Some things are just beyond our control. But as a business owner, you can do your best to be prepared and ready. You can’t put a cost on peace of mind. Rest easy knowing that you’ve done everything you can to prepare for a worse-case scenario.
How Do I Look?
Having insurance also makes your business look good. It makes any business seem professional, and that works to your benefit when you’re trying to attract customers. Getting BOP coverage doesn’t just save you money; it can also make you money.
This also comes in handy when you need to sign a lease. Considering you are required by law to get insurance, a property owner probably won’t rent out space unless your company has insurance.
Invest in Business Owners Insurance
No matter how big or small your business is, insurance is a necessity. If your business is on the smaller side, business owners insurance may be right for you.
It removes the hassle of finding separate general liability insurance and commercial property insurance, which saves you money. It protects you for when things go sideways, which they will. And it makes your business look professional, which is always a plus.
Finding the right insurance can be a time-consuming and frustrating process. Here at Mooney Insurance Brokers, we want to help you find the coverage that’s right for you and your business.
We understand this process thoroughly and are here to guide you through it from start to finish. That’s why we provide 24/7 customer service. If ever you need help, our knowledge and experience are at your disposal!
Don’t wait until after things have gone wrong to begin looking into insurance options. Safety, property, and profits are on the line. If you’re a small business owner, do yourself a favor and invest in business owners insurance.