Business owners are aware that success is not always simple. According to data from the U.S. Bureau of Labor Statistics, approximately 20% of new businesses fail in the first two years, and only slightly more than half survive until the five-year mark. Your company may go into the red for several reasons other than a shortage of clients.
Despite your best efforts and thorough market research, unforeseen events like natural disasters, property damage, and lawsuits can still occur. Recovery isn’t always achievable without the financial security that an insurance policy can provide. That’s why having a BOP for a small business is essential.
The importance of BOP coverage
Could your company withstand the ensuing events?
- Your building and everything inside is destroyed in a fire.
- Injured at your store, a customer decides to sue you to cover medical expenses.
- Your company is forced to close for many weeks due to a natural calamity. Even though you aren’t making money until you can reopen, the bills keep coming in.
You can submit a claim and resume operations if your BOP policy provides coverage. Your recovery might not be as straightforward if you don’t have coverage.
Why do you need BOP for a small business?
A BOP Safeguards Your Business
You use reasonable pricing and business procedures. Every employee is informed about your company’s rules and regulations. A lawsuit, however, is costly, unavoidable, and something for which you should be ready. The BOP’s most significant advantage is safeguarding your business and assets in the case of expensive litigation.
One component of a BOP is general liability, which is intended to protect third parties that suffer harm on the premises of your business. Your BOP coverage will aid in protecting your company if a product is improperly put together or a storage rack collapses.
A BOP packages coverage to lower the cost of insurance
The greatest method to maintain a high level of business income is to keep expenses low. But how is that possible if you overpay for commercial insurance coverage? By combining the smallest business owners’ products to safeguard their enterprise, BOP coverage makes it simpler and more economical to retain the required coverages.
The benefit of a BOP is that it combines general liability, property insurance, and business interruption insurance into one package for one affordable fee. Additional savings could be gained, such as 10% off your BOP coverage premium.
Business owners can get peace of mind with a BOP
What price would you be willing to pay for business-related peace of mind? Maintaining all the standard insurance that organizations like yours require is made simple by BOP coverage.
With a BOP, you only need to manage one policy with one carrier and one straightforward claims process instead of handling various policies with multiple carriers.
Conclusion:
Business owners can save money by purchasing a BOP for their small businesses. Your company is dear to your heart, whether you’re just starting with a modest budget and one client or preparing to open a second location.
With Steve Wilk Insurance, you can safeguard your business and your assets. Contact us right away to learn more.