Whether you run your own burger joint, opened a consignment shop, or plan to start up some other type of small business, there is a lot to think about when it comes to protecting your company against potential risks. With so much work involved in the day to day operations of a typical business, the last thing you want to lose sleep over is whether your business is adequately covered against losses and lawsuits.
At Jarosch Insurance, we aim to simplify the commercial insurance shopping process and make it easy to get the protection you need at an affordable price. To help you feel confident in the simplicity and understanding of your coverage, we can offer a Business Owners Package to small businesses with generalized risks and coverage needs.
What is a Business Owners Package?
A business owners package, or BOP, is a combination of necessary coverages in one policy. When insurers sell insurance as a package, it often allows for discounts on premiums, effectively lowering the cost of coverage versus purchasing each type of protection separately. These lower rates and simplified policies are what make business owners packages so attractive to the average small business.
Of course, not all businesses have the same level of risk. That is why BOP insurance is only appropriate for certain small businesses. Home businesses and small shops, for example, are often good candidates for a business owners package. Other types of businesses may need coverage that is more custom-tailored to fit their unique needs and risks.
Customize Your BOP Insurance
BOP insurance is designed to meet the needs of small business operations. It typically includes only those coverages that are most frequently purchased by small companies and startups. While this does not usually include workers compensation or commercial auto insurance, it is possible to purchase these and other protections separately from a business owners package.
General Liability Insurance
General liability coverage is part of every business owners package, as it provides broad protection against litigation and legal expenses if your business is sued for third-party property damages and bodily injuries. In addition to property damage and bodily injury liability, this coverage may also protect you against personal injury and advertising injury. If someone is hurt on your premises, it may even provide limited coverage for medical payments regardless of establishment of fault.
If your business contracts with other companies or organizations, you may be required to present evidence of general liability coverage before being approved for work. Even if you are not required to purchase this coverage, however, it can still preserve the financial future of your business in the event of a loss. In fact, nearly all businesses – even those operated from home – can benefit from general liability coverage. Without it, your company could be forced into bankruptcy or out of business as a result of a single lawsuit.
Property Damage Insurance
If your business burns to the ground tomorrow, where do you begin picking up the pieces? Property damage insurance is included in business owners packages because it safeguards your company’s investment in the structure of your building, as well as in the physical assets inside it. Even if you work from your own home office, you may still need property damage insurance, as it can protect things not covered by homeowners insurance.
Property damage insurance may cover a wide range of physical assets, such as:
- The structure of your building
- Your outdoor signs
- Your product inventory
- Your machinery and equipment
- Your computers
- Furnishings and décor
- And more
From burst pipes and fires to theft and vandalism, property damage insurance can minimize your company’s costs after a loss and better protect your cash flow.
Business interruption is another type of coverage often included in a business owners package. This type of coverage replaces some of your company’s income if a covered event forces you to stall or reduce your normal operations. By protecting your company’s income, you can continue to pay your bills and cover the payroll until your business can begin functioning at full capacity once again.
Is BOP Insurance Right for Your Small Business?
To find out if a business owners package is the right solution for you, we recommend consulting with an independent agent here at Jarosch Insurance. BOP insurance can be the most affordable solution for many small businesses in need of generalized coverage. Not to mention, having a single policy makes it much easier to file claims in the event of a loss.
Business owners packages are typically recommended if you operate a low-risk business. Examples may include:
- Candy shops
- Storefront retailers
- Online retailers
- Single-location restaurants
- Small offices
- And more
Arizona Business Owners Package Quotes
If you are the owner of a small business in the greater Mesa, Arizona area, we want to help you get the protection you need to minimize your company’s vulnerability to risk. We will work diligently to understand your unique risks and help you determine if BOP insurance could be right for you.
As an independent agency, we can shop for coverage from multiple commercial insurers in Arizona, allowing you to easily compare policies and maximize your savings. We believe that quality coverage can be affordable, and since 1977, we have been on a mission to make that happen for business owners just like you.
For more information about Arizona BOP insurance or to find out how we can help you save on the coverage you need, contact our office today.