As an independent, locally-based insurance agency, supporting small businesses is important to us. Heading a business can be stressful, but a business owners policy (BOP for short) can take a lot of the pressure off your shoulders. This way, you’ll be protected no matter what life tries to throw at you, from inclement weather to computer theft.
What is a BOP?
A business owners policy combines two types of insurance: property and liability. Bundling these two into one is usually cheaper and more convenient. Property insurance covers risks involving your premises, equipment, vehicles, and other related factors. Liability insurance addresses damage to the people you interact with and their property (but won’t protect your business if it causes damages from faulty services). Customizing your BOP will ensure all your unique bases are covered, whether you run an auto repair service or an ice cream shop.
Obtaining premises for your business gets very expensive. If you’ve saved for years to bring your dream to life, the last thing you want to think about is something happening to your property. Commercial property insurance covers the space your business owns or leases, but it doesn’t just include the four walls, roof, and foundation. This policy type also protects equipment, inventory, furniture, and fixtures, setting your mind at ease.
Employment Practices Liability Insurance (EPLI)
It’s estimated that sixty percent of businesses will be sued by an employee. The unthinkable might be more likely than you’d expect, and if your business encounters a lawsuit, you’ll want to be covered. Small businesses often don’t have the reserve funds to spare on an expensive legal defense, but EPLI offsets that cost.
Errors and Omissions Liability (E&O)
To err is human, and mistakes are all but inevitable even in the most alert business operations. If your company provides services for clients, consider investing in errors and omissions liability. E&O covers businesses that give advice, gives educated recommendations, designs solutions, or represents customers’ needs. “Errors” references any mistakes made by your operations and “omissions” covers you in the event your business does not provide the promised service. In the event of a lawsuit based on such an occurrence, E&O insurance is there to help.
Want to Know More?
At Liberty Preferred Insurance Group, we strive to provide a true concierge client experience which is unique in the insurance industry. We give clients the power of choice from top-rated national and regional insurance carriers. Contact ustoday to learn what type of BOP is right for you.