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Protect Your Business With a BOP

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As every small business owner knows, you can do everything right and still wind up facing a catastrophic loss. A fire could damage your office, keeping it closed down until repairs are made. A customer could slip and fall and sue you. Or your inventory could be stolen or destroyed. No matter what type of business you own, one way to ease that stress is to make sure your business has the right insurance coverage. And one of the best ways to protect your business is to buy a Business Owner’s Policy, or BOP.

Who needs a BOP?

Generally speaking, you need a BOP if you have assets that can be stolen, damaged or destroyed; if there is any chance that you could be sued; and if your business has a physical location, whether you own or rent the space.

BOPs combine coverage for your property and your liability in one customizable—and cost effective—policy. They can be written for any size business, but are especially helpful for small businesses.

Customize your policy with Main Street America

One of our insurance partners, Main Street America Group, offers one of the best business owners policy programs available. Whether you’re a contractor, a real estate agent, a hair salon owner, or you own a restaurant or a retail store, you’ll be able to customize your policy to best meet your needs with the Main Line Business Owner’s Policy (Main Line BOP). This program offers traditional BOP coverage:

  • Property insurance for property, both buildings and contents, owned by your business
  • Liability protection should your company be liable for property damage or bodily harm, either by something that you or your employees did (or failed to do) in your business activities
  • Business interruption coverage, which covers the loss of income resulting from a peril—like a fire—that disrupts your normal business operations

In addition, the Main Line BOP offers broader eligibility and more coverage options, all at very competitive rates! And if you need a commercial auto policy, Main Street America offers those as well.

If you want to know more about the Main Line BOP, or any of our other insurance products or partners, please call us at 813-672-4100. We’ve been serving businesses like yours in the Tampa Bay area for more than 30 years.

And remember, L & M Insurance Group is a full service independent insurance agency—we can take care of all your commercial and personal insurance needs! Give us a call, or click here to contact us online.

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Business Owner Policy (BOP) Basics

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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.