A BOP, or business owner’s policy, is a special package of different coverage a basic business will need. Business liabilities, employee liabilities, vehicle coverage, and others are rolled into a single package. Depending on the type of business you have, a BOP may not include all coverage you will need. However, a BOP is the best starting point when looking for the right insurance for your business.
Constantly Monitor Your Risks and Needs
Each business will have different risks and needs. If you are mainly an online business, focus on protection from cyber attacks. If you keep a healthy supply of inventory, focus on coverage for that. As your business grows, your coverage may also need to change. You will need to consider new streams of business. You may outgrow the current coverage plan you have and may need to change it.
Home office protection
Even if you work at home, your home insurance will not cover your business assets within your home. Consider getting business insurance even if your office is located at home.
Consider your employees
If you employ workers, then you will need coverage for them. There are many types of workforce. You may have a mix of regular employees, consultants, freelancers, and contractors. Each will have different coverage types and requirements. Look into what type of insurance you can get for each type of employee.
Look for coverage of a specific industry
Each industry has a specific set of needs. When choosing an insurance company, look for a company that can offer an in depth coverage for the different aspects and risks of your specific industry.
Trust is important
Look for an insurance company you can trust. If you are already a client, assess your experience with them. Interview people you know about their experience with the different insurance companies. Check the history and if they have the required certificates and licenses.
It is important to do your research when looking for the right coverage for your business. Know the specific needs your business type will require, and research the different offerings. Have an in-depth conversation with your agent. At Wellcovered Insurance Group, we aim to provide comprehensive insurance policies that makes your life easier. You can get more information about our products and services by calling our agency at (386) 218-4951. Get your free quote today by CLICKING HERE.