Whether you’re a solopreneur who works from home or a small business owner with a storefront, you may face a variety of business risks. Luckily, you can keep yourself and your business assets covered with a business owner’s insurance policy.
At Lee Insurance Agency, we help small to medium-sized businesses purchase customized insurance plans. This article offers a brief guide on choosing your business owner’s policy (BOP) insurance.
How Does a Business Owner’s Policy (BOP Insurance) Work?
As a business owner, you need a variety of insurance coverages to help cover losses from theft, lawsuits, property damage, and other potential risks. BOP insurance provides all the coverage you may need in a single policy, so you can cover yourself, your business property, and your assets with the same plan.
Available BOP insurance coverages include but aren’t limited to the following:
- Property insurance covers the commercial property you rent, lease, or own for your business, including structures, inventory, equipment, and more.
- Business income insurance covers lost business income due to an unforeseeable event, such as a fire.
- General liability insurance covers costs associated with civil claims and lawsuits in the event a customer or visitor gets injured on your property.
- Professional liability insurance protects you and your business from claims related to contract breaches, business errors and omissions, and more.
What Are the Benefits of Business Owner’s Insurance Coverage?
A business owner’s insurance policy makes it simple to cover your business against a wide variety of potential risks. The advantages of investing in a BOP include the following:
- Affordability: Instead of paying for several different policies for each type of insurance, you can get comprehensive coverage for all aspects of your business with one affordable monthly premium.
- Convenience: Managing one insurance policy means you only have to deal with a single insurance provider to make a compensation claim for a covered loss.
- Comprehensive coverage: A business owner’s policy can cover your business property, inventory, equipment, and income. It can also help cover the costs of data breaches, lawsuits, break-ins, computer fraud, and more.
- Customization: You can customize your BOP to get the insurance you need for your industry and individual business without paying for unnecessary coverage.
Can I Customize My Business Owner’s Insurance Plan?
Every business requires slightly different insurance coverages, and a BOP allows you to customize your policy based on what you need. For example, you may not require property insurance if you don’t own any commercial property, but another company may need it to protect a storefront. The types and levels of coverage you need will depend on your industry, employees, asset types, inventory, location, and other factors.
You may add workers’ compensation insurance to your BOP to protect your employees, commercial auto insurance if your business uses a fleet of vehicles to provide your services, or equipment breakdown insurance if your company relies on complex machinery to maintain productivity.
Our BOP specialists at Lee Insurance Agency can help you customize the ideal plan for you.
Choose a Business Owner’s Policy That Works for You
We understand the unique needs of companies across industries. Our team can help you create a comprehensive business owner’s insurance policy that suits your small to medium-sized business in Humble, TX.
We have been providing business insurance to Texas business owners since 1952, so you can trust us to offer a reliable and affordable BOP.
Call Lee Insurance Agency at 281-812-8400 or contact us online.