Companies work diligently to serve their customers, meet payroll, and turn a profit. When theft or fire strikes, do you have the resources available to pay your vendors and employees while you rebuild? Not all small businesses do, but there is a way to ensure your company can make it when catastrophe hits you. It starts with finding the right Mississippi business insurance policy from a qualified insurance broker. They sit with you and get to know your needs to offer the best options for your unique situation. One such policy is a BOP.
Understanding Business Owner Policy Fundamentals
Insurance coverage for your business can be very confusing unless you work with an experienced broker. They may encourage you to obtain a BOP to cover your basic commercial needs. Here are the fundamentals of a BOP to aid your understanding:
- Definition: BOP is an acronym that stands for business owner policy. It’s used in the insurance industry to combine different, basic policies into one bundle to save money. Small business owners benefit from the cost savings.
- Coverage: Depending on the insurance carrier, BOP often has coverage for property, business interruption, and liability protection. Think of property insurance as the buildings and the assets inside it that your company owns. If you lose income because of a covered event, you can receive payment through business interruption insurance. The liability portion protects you and your enterprise when a claim is brought against you or your employees for a third party’s property damage or bodily injury.
- BOP Doesn’t Cover Everything: This policy is a fantastic base, but it’s not set out to cover everything. Instead, you will want to consider some additional coverages for the best overall protection:
- Worker’s Compensation – Protect your employees when they have an accident or become ill while performing their job duties. They will receive compensation to help cover lost wages and medical bills.
- Umbrella – Basic policies are set to cover specific parameters. Umbrella insurance is for those times when you need coverage over and above what your current policies provide for. They are the second line of defense to protect your business.
Give Yourself the Best Leg Up for Success with Hawsey Insurance
Know you have the coverage you need by speaking with Hawsey Insurance about your business owner’s policy. We will discuss your needs and look for any gaps in your current policies. If you have questions, we are happy to take the time to answer them. For better success with your business insurance needs, be sure to contact us today.
Call Hawsey Insurance at (601) 856-7707 for a Mississippi business insurance quote. Feel free to contact us online or, if you happen to be in town, make an appointment at one of our offices in Madison, Jackson, and Southaven, MS.