Owning and operating a small business is a tremendous responsibility. Whether you have a handful of employees or twenty or more, they become your responsibility so you have to make good financial decisions. After all, they need to have a job to come to every day. You’re investment and hard work will pay off one day, but growing a successful business mean making sure that it’s protected from any possible risks or exposures.
A business owner’s policy (BOP) from American Team Managers Insurance is designed to package some of the required policies a business owner needs for protection against major property and liability risks, along with protecting personal assets that could be threatened should you experience a large claim against your company. A typical BOP package includes property insurance, business interruption insurance, crime insurance and general liability insurance.
Some advantages of a BOP package
BOP’s generally include business interruption, property insurance, general liability coverage, and/or crime insurance. Business interruption coverage typically provides up to 12 months of income for covered events if you are forced to shut down operations for any length of time. Crime insurance in a BOP covers break-ins, vandalism and other physical crimes.
Based on a company’s specific needs they can exercise the option to select which policies are included in their BOP. Typically a business owner will save money by choosing a BOP because the bundle of services will generally cost less than the total cost of all the individual coverages purchased.
Other types of available coverages
Depending on they type of company, number of employees, vehicles in use, and other existing factors, owners should consider purchasing policies for cyber theft, earthquake, fire, business auto, employee theft, and a host of other common concerns. Workers comp is also needed, but like certain other policies, must be purchased as standalone coverage.
Operating a business in today’s climate requires a bit of risk management planning and business strategies that help prevent your business from experiencing a catastrophic loss. You could even face the threat of damage to your reputation resulting in a loss of customers and vendors. Securing a business owners policy from American Team Managers Insurance can make the cost of coverage even more affordable. Speak with an agent today.