If you’re starting a small business, you have many decisions to make—including what sort of insurance coverage your new business needs to safeguard your assets and income. Don’t worry—at L & M Insurance Group, we’re here to help!
Let us introduce you to the insurance package with the catchy name “BOP”—which stands for Business Owner’s Policy. A BOP combines property and liability insurance into one policy, and can protect your business from the most common risks, such as fire, theft, lawsuits, or even the loss of income associated with an interruption to your business. It’s a convenient—and cost effective—way to protect your business.
You can also add additional coverages (see below) to customize insurance coverage for your particular needs. BOPs are great for any small to medium-sized business (100 employees or fewer) with a storefront and any business personal property.
Typically, a BOP includes:
Property insurance—protects the physical location of your business, whether you own or rent. Also provides coverage for your inventory, customer data, equipment, furnishings, and records and documents.
Liability insurance—provides coverage if you’re sued for an injury or property damage, even if you did nothing wrong. Also protects you from lawsuits if you injure someone’s reputation or infringe on someone’s copyright.
Business interruption insurance—provides coverage to replace lost income if you’re unable to do business due to a covered loss. It may also contain coverage for the expense of having to operate out of a temporary location.
Depending on your business, you may also need additional coverages not contained in a BOP—such as Worker’s Compensation, Professional Liability (Errors and Omissions), Data Breach, or Commercial Auto. (We can help you with those, too—just give us a call.)
Every business is different and has different needs. Let your L & M Insurance Group insurance specialist help you with your business insurance needs. We’ve been serving Riverview and surrounding communities for more than 10 years, and we’re here to help. Please call us at 813-672-4100, or contact us online.