Businesses are built with dreams, ambition, and of course, capital. The money and time you’ve invested in starting, owning, and operating your business is worth more to you than anyone else in the world. Don’t risk losing everything due to inadequate insurance protection. Most businesses need several different lines of commercial coverage, which is often too many policies for a small to moderately-sized business to juggle. With a business owners package from Giuffre Insurance, you can combine several of the most frequently purchased ‘general risk’ coverage types into one convenient, user-friendly, and affordable package.
What is a Business Owners Package?
Also referred to as BOP coverage, a business owners package is made up of essential coverages that might otherwise need to be purchased independently from each other. By combining the coverages into one policy, insurers can spread out their risks and sometimes offer a business owner a more affordable rate.
While BOP insurance does contain most of the coverages a typical small business needs, there are some, such as workers compensation insurance, which must still be purchased separately. In addition, this also means that certain types of businesses may not qualify for BOP insurance due to higher or less generalized types of risk.
Customize Your BOP Insurance
Certain components of BOP insurance are customizable according to your needs and preferences. At Giuffre Insurance, we offer helpful tips for making your coverage work for you, as well as point you toward additional protections you may need to purchase in addition to BOP coverage, such as commercial auto and workers compensation coverage. Your BOP insurance may include coverage for:
General Liability (GL)
General liability insurance is important for nearly all businesses, as it protects your business revenue and assets against any financial obligations that may arise as a result of your commercial liability. This could include the cost of paying for a victim’s medical bills if they slip and fall on a wet floor in your restrooms or if one of your employees accidentally damages a customer’s personal property. GL can also help cover your legal fees and court costs if you are sued for third-party injuries or other losses.
In addition to bodily injuries, general liability insurance can also extend to other types of claims, including advertising injury, personal injury, and personal property damages. We typically recommend choosing the highest coverage limits your business can reasonably afford, as your business might be required to pay for any excess damages beyond the limits of your policy.
If your business is destroyed or badly damaged by a fire, tornado, and even vandals, it could cost you tens or even hundreds of thousands of dollars or more to pick up the pieces. Would you have the money to start over again from scratch? Property damage insurance helps protect your commercial property against certain types of loss events, paying to repair damaged property or otherwise compensate you for the total loss of your physical assets. This is important whether you own your building, lease a storefront, or even work out of a home office or garage.
Property damage insurance generally covers your company’s:
- Building structure
- Equipment and Machinery
- Computers and Office Supplies
- And more
It is important to review your coverage to assure you are protected against the types of risks and perils that could affect your business. Will you need coverage for water damages and sewer backup? What about earthquakes? We here at Giuffre Insurance can help you assess your coverage needs and build a BOP insurance policy with supplemental coverage that minimizes your risk of financial loss.
If a catastrophic event forces your business to close for repairs or rebuilding, you could face a major interruption in your cash flow. BOP insurance can include business interruption coverage to help you meet your payroll obligations, pay your bills, and cover your other financial obligations until you can resume business as usual.
Should You Purchase BOP Insurance for Your Business?
The question for many business owners is should you purchase independent lines of commercial coverage, or should you roll your general risk coverages into an affordable business owners package? If you run a small to moderately-sized business with low risks, or if you are just starting out, chances are the simplicity and affordability of BOP insurance could be right for you. This makes it easy to file and process claims, as well as keep up with your coverage in one convenient place. Examples of businesses that often purchase BOP coverage include:
- Small retailers
- Family-owned restaurants
- Convenient stores
- Dry cleaners
- And more
Wisconsin Business Owners Package Quotes
When it comes to the financial integrity of your business and its future, having the right commercial insurance is essential to protecting your investment and cash flow. That is why we recommend working closely with an independent agent to assess the unique risks of your business and better understand the types of coverage that can protect your financial interests.
At Giuffre Insurance, we offer customized business owners packages that can efficiently and affordably protect your business. With less money to pay for premiums and lower financial risk exposures, you could have more cash flow to reinvest in your business and continue building your dreams for the future.
To find out more about BOP insurance and other types of commercial coverage like workers compensation, umbrella insurance, and commercial auto coverage, contact our office today. We look forward to serving you soon.