Property damage due to a fire, loss of income due to a catastrophe, and bodily injury due to a defective product — these things happen to even the sharpest and most experienced business owners in Raleigh, NC. After all, situations like these are beyond anyone’s control. What you can be in control of, however, is how you respond to these situations and how well you can prevent them from causing major damage to your business process, daily operations, and overall finances.
If you have experienced any of these uncontrollable situations before or if you know someone who has, you understand the inconvenience of picking up the piece and dealing with the financial blow. So to prevent a similar situation form happening again, or from happening to you, invest in a Business Owner’s Policy (BOP) and protect your Raleigh business.
How Do Employers Benefit from a BOP?
The Business Owner’s Policy streamlines insurance coverages into one comprehensive policy that protects your building and/or business personal property, business income, and general liability coverage. This type of insurance is designed for small and medium businesses. As such, it is ideal if your building’s total floor area is no greater than 25,000 square feet and if your annual income is no more than $3 million.
When you secure a BOP, you likewise secure the welfare of your business in relation to unexpected risks. For example, you can cover property losses due to water and smoke damage. You can cover liability losses that may arise if a customer is injured on your premises. This type of policy can even serve to back up disrupted business operations until you get back to normal.
What Does Business Owner Policy Coverage Include?
The Business Owner’s Policy is designed to give you peace of mind. It provides comprehensive coverage so that you can focus on growing your small or medium business. It generally includes the following:
- Building Coverage, to protect against physical damage to your building due to fire and other covered incidents within your policy limit
- Business Personal Property Coverage, to protect against physical damage to business equipment due to fire and other covered incidents within your policy limit
- Business Income Coverage, to reimburse within a year the covered losses and restoration expenses due to direct property damage
- General Liability Insurance, to protect you from bodily injury claims and property damage claims by third parties
A BOP provides coverage for businesses and professionals in different fields and industries. From architects and engineers to accountants and business consultants to pharmacists and chiropractors, all types of industry professionals and entrepreneurs can benefit from this kind of insurance. It is particularly helpful if you run a small or medium retail store or restaurant.
Consider investing in a business owner’s policy if your situation matches the following:
- Your business has a physical location, whether it is at home or in a rented or owned office
- You might be facing a claim due to situations like a customer getting injured at your location
- You are dealing with damaged property or stolen assets
Protect your business before anything unfortunate occurs. A BOP is a convenient insurance option that gives you broad coverage for physical damage, lawsuits, and loss of income at a reasonable cost. Contact your local insurance agent if you are interested in additional coverages, like crime insurance and vehicle coverage, to match your specific business concerns.
Get A Quote Today
Amistad Insurance Services provides top-notch insurance solutions for business owners in Raleigh and throughout North Carolina. We combine bilingual customer service, 24-hour phone services, competitive rates, and local industry experience to give you the most ideal Business Owner’s Policy rates.
Get in touch with us, today, to request a no-obligation BOP quote.