TUESDAY, APRIL 27, 2021
Every business insurance policy has limits and exclusions on coverage. A business owners policy (BOP) is no exception. While BOPs offer a lot of coverage for small businesses in low risk industries, they also have certain exclusions.
It is important to identify these exclusions so that you can enhance your insurance to protect your business from every possible danger.
Standard BOP Coverage
BOPs generally come with several standard coverage elements. These include:
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Property coverage to insure possessions and structures belonging to the business. If a fire breaks out, this coverage might help pay for repairs and cleanup.
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General liability insurance to cover damage you cause to third parties. Think of it as the coverage that will protect you if someone slips, falls and sues the business.
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Business Interruption protection that can help if you must close your doors to rebuild your operation. This coverage can help you pay the bills while the business is closes. And this will allow you to reopen in the clear.
Still, this isn’t the only coverage you will likely need. Your business might include diverse assets, which will need specialty insurance coverage.
Additional Insurance Policies
When you get a BOP, ask your agent how to add coverage for assets that might not have protection in the package. Other policies you might need include
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Health Benefits: Employees can use this coverage to get affordable medical care. Coverage might even help them get better faster, reducing strain on the company. In some cases, you might have to offer this coverage, by law.
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Workers Compensation Insurance: This coverage can help you supplement the income of those who cannot work because they got hurt at work. Most states require most businesses to offer this policy to their employees.
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Commercial Auto Insurance: Businesses that operate vehicles need to insure them. Commercial auto coverage protects the business’ investment in the vehicle. Since states require car insurance anyway, it’s not a good idea to add this protection.
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Personal Injury Liability Coverage: Allegations of slander, libel or similar harm might lead to action against the business. This coverage can help you reach settlements with the affected parties.
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Professional Liability Coverage: If you make a clerical mistake or give bad advice, clients may suffer. Also called Errors & Omissions protection, this coverage can help you compensate clients for their financial losses.
Connect with your insurance agent about improving your business owners policy today.
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