Why Small Business Should Have a Business Owners Policy

A Business Owners Policy (BOP) is a collection of different relevant policies for owners of small to medium-sized businesses. This type of policy offers all-in-one coverage for businesses, which simplifies the insurance that owners need for property and liability. Hence, if you are a small business owner looking for a comprehensive insurance plan, here are a few reasons why you should get a BOP:

1. Covers property damage.
   No matter how careful you are, you can’t control what happens to your business’s property. Unexpected occurrences such as natural disasters, fires, busted pipes, and other untoward incidents can cause great financial losses to your business, especially when the damage needs extensive repairs.
   
   If you get a BOP, damages to your property can be financially reimbursed so you can afford repairs to get your business up and running again. Moreover, it will give you peace of mind as a business owner, knowing that whatever happens to your store, you are insured for it.
   
   
2. Protects you against bodily injury claims.
   A BOP can also protect you and your employees against accidents or incidents that lead to injury while on the business premises. Under the General Liability clause of BOP, you have coverage for bodily injury and medical expenses in case someone on your business’s property gets injured.
   
   For example, if a customer slips in your store due to your business’s negligence, they can file a claim for bodily injury. With a BOP, your coverage will take care of most--if not all--of the expenses.
   
   
3. Secures you in case of lost income.
   A BOP is essential for small businesses because it can secure you for up to 12 months if your business stops operations due to a covered reason. Without a BOP, you will have to pay for expenses out of your own personal funds, or even sell assets if the suspended operations leak a substantial amount of money out of your business.
   
   However, with a BOP, you won’t have to miss payments to your landlord, employees, suppliers, and other monthly expenses.

No matter how small your business is, you need insurance to protect you against significant financial loss. With a BOP, you can save money on individual policies and ensure your business is protected for the long run.

At CSIS Insurance Services, Inc., we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (888) 501-2747. Get your free quote today by CLICKING HERE.