When you're in business you need to worry about everything from sales numbers to support issues to legal issues. You also have to be prepared for anything that could go wrong. Yes, I'm talking about risks and liabilities. I know, business insurance policies can be expensive, but there are ways to save money on the cost of commercial insurance. A "Business Owners Policy" is one way to save.
A business owners policy enables you to get a discount on a bundle of policies you need for your business. It's like a basket of coverage that's custom tailored to your specific insurance needs.
Fire, property damage, flooding, anything that could hurt your business or your finances, is a very real danger that you need to concern yourself with. Even an independent contractor or small to medium sized business owner needs to buy insurance to cover all of the different things that could go wrong. Depending on your particular risks, you may need many types of coverage. A savvy business owner with multiple insurance needs might want to take a close look at a Business Owner's Policy, or a BOP as it's sometimes called.
A Business Owners Policy is a collection of all the insurance that you need for your business. The package is put together with your specific needs in mind and typically can contain things like business interruption insurance, property insurance, commercial vehicle coverage, general liability insurance, crime insurance and flood insurance.
Additional policies like earthquake, hurricane, tornado and other forms of insurance might be added depending on the physical location of the business being insured. This can be a real advantage for you as a business owner because a BOP offers cheaper insurance premiums in many cases. Since it's basically a packaged insurance deal, you usually pay smaller monthly premiums than you otherwise would when buying each policy separately, and trying to customize your own coverage.
Of course, just because you decide to go with a Business Owners Policy doesn't mean that you shouldn't negotiate pricing with your existing insurance company or better yet, shop around with multiple insurers to find the best deal for your business. And remember, when comparing pricing from multiple providers that are offering BOP's, you need to not only compare the rates, you need to compare the coverage as well. In the process of comparing quotes, keep in mind which one gives you the best coverage as well as offers the best fit for your budget and your business.
If the commercial insurance quotes you get are still too high, talk to the representative, agent or broker to see if there is a way you can customize your particular BOP further. If saving money is your number one priority, ask for other options such as higher deductibles that are within your means to pay. Many of the better rated insurance companies are sometimes willing to work with you in order to keep you as a satisfied client.
Getting a solid Business Owners Policy to cover all your risks is a good investment to make in your business. It gives you the confidence to face every day knowing that no matter what happens, you and your business are protected from risks, liabilities and litigation.
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