Every small business faces risks as soon as they open their door and serve their first customer. Yet, many of these can be minimized with the help of financial tools such as small business insurance. The right policy can help minimize the risk that your company has to foot the bill for unavoidable and accidental incidents.
Is BOP Right for You?
Business owner policy, or BOP, is a great starting point for most small business owners. It provides property insurance for your company to protect the structure and your other assets. It also provides general liability insurance. This coverage helps you by providing protection from claims made by those visiting your location who may suffer injury or other loss.
There is no one-size-fits-all type of small business insurance plan. Rather, it’s important for you to choose a policy that fits your goals and risks. This may include:
- Commercial auto insurance to protect against risks to your business vehicle; this policy tends to include both liability and property protection
- Worker’s compensation insurance that helps provide coverage for employee-related injuries or illnesses that occur as a result of working for you
- Professional and umbrella liability insurance which provides a higher level of protection for your company for liability claims, lawsuits, and settlements
It is important to work closely with a business insurance agent to discuss the unique needs of your company. This includes selecting the right type of insurance coverage but also choosing policies that are cost-effective. A single fire, accident, or product failure can cause thousands of dollars in losses. This tends to be hard for a small business to make up. With proper insurance, a lot of that risk falls off your shoulders. You can focus on your business knowing you have insurance to cover many of these risks.
Planning for Your Small Business? Let Our Team Guide You
You don’t have to make decisions about your small business insurance plan on your own. Allow our professionals to help you every step of the way. Call Sterling Financial to learn more about the steps you can take to improve your business security.