Understanding the Basics of Business Owner Policy

Business owner policy, usually called a BOP, is a type of insurance which you can get for protection of your small-scale or medium-scale business. In case accidents such as disasters, fires, or burglary happen, to get back on your business, BOP will be helpful. A BOP is insurance that comes in a package, so it is advantageous regarding cost effectivity because you do not need to obtain individual policies to cover your business.
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Depending on the terms of your policy, in single insurance, as much as three single coverages were offered. This article will help you understand the basics of business owner policy, so you can decide if you will be obtaining one for your business. Below are the most common coverages of business owner policy.

Liability insurance
As part of the prepackaged policy, this individual insurance covers the damage or injury done to the employees while doing their work inside the vicinity of your business. For example, if you are operating a construction company when your worker got injured in the workplace, your business owner policy will cover the financial need of your worker as he undergoes treatment.

To avoid injuries inside your working area, make sure that the services are running smoothly. If you have machines, better check its functionality; if there are defective ones, repair if possible.

Business interruption insurance
We cannot predict if an accident will occur in the area. In case a fire broke out near your area, and your building is affected, your business might cease to operate temporarily. With BOP, the loss can be covered up by the insurance. If you opt to rerun your company in a new location, BOP also got you covered.

Property insurance
Evaluating the hazards on your property in case a disaster happens should be done. No one can say if a storm or flood will affect your property; however, to be sure that you can go back to operation again, your BOP should also cover the damage done to your property.

Being a business owner requires a challenging responsibility. You are obliged to protect your business at all costs because it will measure your success as an owner; for your business to be successful in the future, obtain a business owner policy so that you will be secured in case the inevitable happens.

At Arnold, Bruce & Doerfler Insurance, 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 (503) 222-1951. Get your free quote today by CLICKING HERE.