If you’ve just started a new business, you may already be looking into a business owners insurance policy. It’s a great first step to protecting all your hard work, but it may not be enough on its own. Here are some basics about BOP insurance.
The business packages available vary, so your provider might offer you something different than the places you research. They generally include three types of insurance. Liability insurance can cover your company’s legal costs if it is liable for property damage or injury to others. Property insurance can help cover your building and other belongings held on site, while business interruption insurance can cover costs if you need to close after a natural disaster, fire or other issues that prevent you from operating as usual.
While these types of insurance make a great start, they don’t include professional liability, which you’ll need to cover your services. Workers compensation is also not included, which can mean big trouble if your employees are injured. The better they’re taken care of, the sooner they can return to work, and the less time your business is disrupted. A basic policy also won’t cover insurance for cars your company owns.
While you’re discussing BOP insurance with your provider, make sure you go over your company’s risks so you can get additional coverage where you need it.