When it comes to running a small business, you have a lot on your plate. Chances are you play many roles in your company, and the work probably never seems to stop. The last thing you need to worry with is juggling multiple lines of insurance and premiums each month. At Mark Leonard Insurance, we know how difficult it can be to navigation commercial insurance as a small business owner. That is why we make it simple to combine the coverage you need into one easy and affordable package known as a Business Owners Package (BOP).
What is a Business Owners Package?
Also known as BOP insurance, a business owners package is a combination of essential coverages that many small business have in common. By combining the coverages into one user-friendly package, BOP insurance not only simplifies insurance for the business owner, but could also save money versus purchasing each coverage independently from each other.
Due to the generalized nature of BOP insurance, not all businesses qualify for a business owners package. This includes businesses with high risks and in need of extensive protections beyond what is offered in a typical business owners package. However, many start-ups or home businesses are well-covered with BOP insurance, although it may be necessary to purchase additional coverage if the company begins to experience significant growth and development.
Customize Your BOP Insurance
At Mark Leonard Insurance, we can help you customize your BOP insurance to include the coverages that matter most for your occupation and niche. Although it does not include your commercial auto insurance, workers compensation, or health and disability insurance coverages, BOP insurance can include several other protections, such as:
General Liability Insurance
As a small business owner, general liability insurance is a must if you wish to protect your company’s financial security and future. Depending on the nature of your business, other businesses you work with may require you to have general liability insurance before going into contract with your company. However, even if you are not required to carry general liability protection, it can still provide financial protection against lawsuits and legal expenses when your business is accused of or at-fault for a third-party injury or property loss.
General liability insurance usually includes commercial coverage for bodily injuries, property damages, advertising injury, and personal injury. It can also provide no-fault medical payments coverage and coverage for rental damages. Of course, all of these coverages are subject to the limitations of your policy. Some businesses may wish to purchase a separate commercial umbrella policy to help supplement the limits available in general liability coverage.
Property Damage Insurance
How much does it cost to start over again? If your business is destroyed by a fire or other covered event, would you have the funds to rebuild from the ground up? Commercial property damage insurance is designed to shield companies against physical damages to your building structure and the physical assets your business owns. It’s not just for businesses that own freestanding buildings, either. In fact, property damage insurance can protect your business if you work from home or lease an office or other space.
Property damage insurance typically covers things like:
- Building structure
- Signage
- Inventory
- Machinery
- Computers
- Furnishings
- Landscaping
- And more
Whether a storm blows over your outdoor sign or a water pipe bursts and floods your furniture shop, the right property damage insurance can assure your business can continue with minimal out-of-pocket costs.
Business Interruption
You can include business interruption coverage in your BOP insurance if you wish to protect your company’s income after a covered loss. It reimburses you for the income you lose while you wait for operations to return to normal Business interruption coverage can help your business pay bills and ongoing expenses during your downtime. This can include debt payments, payroll expenses, taxes, and other costs.
Is BOP Insurance Right for Your Small Business?
In many cases, a business owners package is the most economical insurance solution for small businesses to obtain broad coverage. With multiple coverages combined together for savings and simplicity, BOP insurance makes the claims process easy when your business is at-fault or accused of third-party injury or loss, or when a fire, natural disaster, or other covered event causes damage to your business.
BOP insurance is often recommended for very small business operations that operate in low-risk industries. Examples of businesses that often benefit from a business owners package include:
- Small offices
- Family-owned restaurants
- Convenience stores
- Store front shops and retailers
- Contractors
- Dry-cleaners
- Laundromats
- And more
Wisconsin Business Owners Package Quotes
If you have a small business in Wisconsin, we want to help you protect it with commercial coverage custom-tailored to meet your needs. We work to understand the unique risks of your business and help you determine which types of coverage are right for you. By shopping and comparing BOP insurance with an independent agent, you can simplify your coverage, maximize your savings, and enjoy more cash flow to reinvest into your business. In addition to providing you with a business owners package, we can also help you find additional protection for your business as needed, including commercial auto, workers compensation, commercial umbrella insurance, and more.
For more information about BOP insurance or to find out how an independent agent can help your small business maximize savings on commercial coverage, contact our office today.
