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Why Do Small Businesses Need BOP Insurance?


Small to medium-sized firms have smaller budgets than bigger enterprises, but that doesn't mean they should skimp on commercial insurance.


Incidents happen, no matter how good your job is or how safe your facilities are.


Therefore, insurance plays a role when an injury or property damage results in a lawsuit. A BOP or business owner's policy predicts what could happen at a lower cost than individual insurance from small to medium-sized firms


What is BOP Policy?

A BOP, or Company Owners Policy, is a packaged insurance plan designed to fulfill the needs of the average small business owner.


Because the coverages are packaged, a BOP can be significantly less expensive than purchasing them separately.


Why is BOP Insurance Necessary?

Could your company withstand the following scenarios?

  1. A fire destroys your building and everything inside.

  2. If consumers are wounded in your shop, they sue for medical expenses.

  3. Your firm is forced to close for many weeks due to a natural calamity. You're not making any money until you can reopen, but your bills don't stop.

If yes, there's no need for you to worry as your Business Owners Insurance has got you covered.


Is BOP the Only Policy You Need?

A business owner's policy (BOP) provides critical protection against many of the most frequent hazards, it is not, however, the only coverage you may require.

Policies, as previously noted, might differ. It's critical to study your policy thoroughly to understand what isn't covered.

The following are some more frequent forms of coverage to think about:

  • Benefits for Employees

  • Liability Insurance for Employment Practices

  • Insurance against Cybercrime

  • Insurance for Commercial Vehicles

  • Insurance for Workers' Compensation

  • Errors and Omissions Insurance/Professional Liability Insurance


Conclusion

BOP coverage makes it simple to keep all of the usual coverages that companies like yours require without thinking about it. Rather than handling several policies with various carriers, a BOP means you have to deal with one policy, one carrier, and one simple claim procedure.


At Second Western Insurance Services, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (818) 952-5203. Get your free quote today by CLICKING HERE. Coverage discussed in this article is not guaranteed. Please contact our agency to go over your existing coverage. We are happy to help you make sure your needs are being met!


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