There are advantages and disadvantages to purchasing a Business Owners Policy (BOP) for your Flowood, MS business. At Insurance Protection Specialists, we want to help you create a policy that gives you the protection you need without paying for coverage you don’t need.
What Is a BOP?
A Business Owners Policy combines commercial liability and property insurance. A BOP protects your buildings and equipment in case of fire, theft, or other named events. You are also protected if, for instance, someone is injured on your property and files a claim against the company. Generally speaking, a BOP is great for someone with a physical location and equipment.
Advantages Of Having a BOP
- It would be best if you had liability and property insurance anyway.
- By combining multiple kinds of insurance, you can get a discount.
- When your insurance policies are combined, it may be easier to coordinate claims and policy renewals. You can have one agent who acts as a single point of contact, which can also help you feel more comfortable with your insurance.
- Your insurance company will allow you to add other kinds of protection as you need them, such as professional liability and commercial auto insurance.
Disadvantages Of Having a BOP
- You may be one of the rare businesses for which a BOP offers too much coverage. For instance, your business may not have property and equipment to insure.
- A BOP might be too generic to meet your needs.
When you are in charge of a business, you are responsible for ensuring you have the protection you need at a price you can afford. If you have any questions about commercial insurance for your Flowood, MS small business, please call Insurance Protection Specialists today.