BOPs do NOT cover professional liability, auto insurance, worker’s compensation or health and disability insurance. You will need separate insurance policies to cover these for you and your employees.
Each coverage in your BOP has a coverage limit. A limit is the maximum amount your insurer will pay for a covered claim. It is also important to note that each coverage in a policy is typically subject to its own limit. And, some coverages may come with a deductible. A deductible is the amount of money you pay out of pocket toward a covered claim.
There are things that some small businesses should be aware of with a BOP. Many small business owners fail to explore a BOP because they presume it will be too expensive. The truth is that it can offer core coverage in a single, convenient package. If you have a niche business with many unique risks, purchasing a BOP may not be your best choice. You may want to explore different specific policies with an experienced agent. Finally, avoid the mistake of having your business rated incorrectly on your BOP, which can lead to a denial of coverage for a claim. This could result in a claim being out of pocket costing your business money. If your primary business is to trim trees make that your category and not landscaping.
Independent agents are your most valuable resource when it comes to choosing and understanding your commercial insurance coverage. While your head is overwhelmed with thoughts of sales, inventory and staffing issues, an independent agent is an insurance professional who will ensure that you get the best coverage for your business.
As your business, staff, and products grow, your coverage will need to as well. Reevaluate your commercial insurance policy every year to ensure that your coverage meets your current needs. BEW Financial Solutions is your independent agency to cover all your needs for personal and business needs.
If you have any questions please feel free to contact us!