AUTOMOBILE   HOMEOWNERS   LIFE & HEALTH   BUSINESS  

Owning, operating and maintaining a small business is tough. Fortunately, you have a lot of resources available. If you’ve worked hard, have invested properly and are ready for a higher degree of protection, consider picking up a business owner’s policy—or, as it’s commonlyimage of a business discussion called, a BOP.

A BOP, while an effective liability protection tool, shouldn’t be your end-all-be-all resource against the legal turmoil most businesses face. If you want to stay legally safe when operating a business, make sure you’re doing the following.

Cover Your Inventory

Whether it’s via a BOP or a separate insurance policy, your inventory should be your priority. This includes any items you use to maintain or sell products. It can also include the products, themselves. Additionally, inventory covers any materials used to produce your products. Your inventory makes up a majority of your business’s assets, and it needs to have protection before everything else.

Cover Your Equipment

Next, you should make sure your equipment has insurance. Uninsured equipment is a legal misstep. If your workplace’s equipment isn’t covered, you might encounter otherwise avoidable risks. Make sure your coverage includes manufacturing systems, cooking equipment, vehicles, components and even point-of-sale equipment.

Secure the Business Interruption Insurance

A lot of BOPs include business interruption insurance. If yours doesn’t, however, you should make sure you’re securing it another way. Business interruption insurance will protect you if your business stops service due to downtime, site damages or legal problems. Eventually, you'll encounter problems. Make sure your business can stay operational. You're usually able to counter interruption with a protective policy.

Secure the Crime Insurance

Sometimes, BOPs have limited crime insurance coverage. Expect to get vandalism, break-in and physical crime coverage. If your workplace is susceptible to other crime, consider purchasing a separate policy. Or, if your BOP coverage options are flexible, prioritize the crime insurance.

Get Cyber Liability Coverage

Unfortunately, a lot of business owners forget about their digital property. A lot of BOP packages include cyber liability coverage. However, you might want to purchase extra data breach coverage if you have a lot of digital assets. Even if your business doesn’t supply digital goods and services, it still needs to have protection in the digital world with solid business insurance. Remember, you're going to need to protect your own data systems.

It’s a good idea to sit down, analyze your business and pick a BOP package which covers your day-to-day activities. Remember, every business is different. Your BOP options are often customizeable. Don’t be afraid to negotiate with your provider. At the end of the day, your business comes first. Buschbach Insurance is on your side, and we can help you get the best out of your policy. Call today at 708.423.2350.

Share |


No Comments


Post a Comment
Name
Required
E-Mail
Required (Not Displayed)
Comment
Required


All comments are moderated and stripped of HTML.
Submission Validation
Required
CAPTCHA
Change the CAPTCHA codeSpeak the CAPTCHA code
 
Enter the Validation Code from above.
NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive


View Mobile Version
Buschbach Insurance

Buschbach Insurance

 
  Our Company Services SEARCH OUR SITE
  Home
Who We Are
Privacy Policy
Make a Payment
Customer Service
Get A Quote
Insurance Types
Buschbach Insurance Agency, Inc.
5615 West 95th Street •  Oak Lawn, IL 60453
PH: (708) 423-2350 • FX: (708) 425-5077
GET SOCIAL WITH US

Facebook Twitter LinkedIn Google+
AAMGA
© Copyright 2017. All rights reserved.
Powered by Insurance Website Builder

Refer A Friend Testimonials Locations
How Can We Help You?
or call us at
708.423.2350