As the owner of a small business, you took the leap. You turned your passion into a business. Nobody understands how much blood, sweat, and tears went (and still go) into it better than you. Protecting your business is undoubtedly one of your top priorities, which is why a small mom and pop business like yours should get a BOP.
A BOP is a business owner’s policy. It provides general liability coverage and can also pay for damage or loss to the building, equipment, and inventory that your operations depend on.
Do I Need a Business Owner’s Policy?
According to the Insurance Information Institute, business owner’s policies are specifically designed for companies with 100 or fewer employees and revenues of $5 million or less. If your business falls into these categories, then it can benefit from the safety net created by a BOP.
If you lease your office building, you may be required to carry liability insurance. A BOP allows you to bundle and save, giving you more protection and perks to pass on at a reduced cost.
3 Reasons to Get a BOP
BOPs are tailored policies that create a financial cushion for small businesses like yours. Think of it as a rainy-day fund, safely tucked away and ready to roll in the event of what could become a financial catastrophe. As a small business owner, you know that financial mishaps can set back small companies overnight—or worse, eradicate them.
A customized BOP will address risks unique to your business, so you should discuss your options with one of our trusted advisors. If you’re still on the fence, let’s cover the top three reasons BOPs are simply smart.
#1: Natural Disaster, Vandalism, & Theft Protection
Imagine replacing the building you use for business or most of your equipment due to something outside of your control, like a natural disaster, vandalism, or theft. This scenario can destroy a small business with no financial backup in the blink of an eye. Don’t risk it! Use a BOP to protect what you’ve built.
#2: Employee Protection
One of your greatest assets is your employees. A BOP provides employee coverage that secures your business while protecting your employees from losing employment. You can also build in beneficial insurance—like health or dental—to attract and retain employees.
#3: Lawsuit Protection
Imagine facing an unexpected lawsuit without liability insurance. Regardless of how solid your position in the suit, the proceedings themselves will incur a growing cost. In fact, most companies settle out of court or quickly after an initial hearing to avoid growing fees. Liability insurance gives you a financial cushion, allowing you to make the best choices without fear of destroying your business finances.
One Last Thing
A BOP will cost less than you think and safeguard the very foundation of your business. If you don’t have a business owner’s policy, let’s talk. Our trusted advisors specialize in creating the right policies at the best prices for people just like you.
