Whether you are just starting your business or already well-established in your community, you need business insurance to protect you against the risks you face on a day to day basis. Without the right coverage, you could lose much (or all) of what you have worked so hard to build – all because of one misstep, accident, or error. At Insurance Broker Direct, we help you protect the time and capital you’ve put into your business by customizing commercial insurance solutions that meet your needs. Since many small to moderately-sized businesses have similar general risks, we may recommend simplifying your coverage into a user-friendly and affordable bundle known as a business owners package, or “BOP.”
Understanding Indiana BOP Insurance
BOP insurance essentially allows you to condense the major property damage and liability risks you face as a business owner into a single policy instead of purchasing them separately. Additional coverages may also be purchased separately or in some cases as add-ons to a BOP insurance policy. Besides simplifying coverage for business owners, bundling general risk policies together can also allow for a reduced rate versus purchasing them individually.
Customize Your BOP Insurance
Business owners packages are generally customizable with adjustable limits, deductibles, and more. You may also be able to add protection for certain types of risks, such as data breaches, but some commercial coverages like workers compensation, umbrella, and commercial auto insurance must still be purchased as stand-alone policies. Your BOP insurance policy may include coverage for:
General Liability (GL)
All businesses have liability exposures. Though some of them are related to specific industries and niches, others fall into the general liability category. This typically includes things like slip-and-fall accidents in your shop or accidental injuries and property damages caused to victims by you or your staff. If you are sued for damages, general liability can help you pay your lawyer’s fees, cover your court costs, and even take care of the financial judgments made against your business for the victim’s medical bills and other financial losses.
Besides injuries and property damages, other claims can also be made against your business that could fall under the general liability umbrella. This could include advertising injury, personal injury, and more. Since there is no way to know the types or extent of any damages your business may become responsible for, we typically recommend high limits for the general liability section of your BOP insurance policy.
Property damage insurance covers you for losses directly incurred by your business due to a covered event. This could include theft and vandalism, or damages caused by fire or high winds. Depending on the circumstances and extent of the loss, it could cost tens or even hundreds of thousands of dollars or more to fully recover or start over again from scratch. As a general rule, all businesses need property insurance – including those that lease their structures or operate from a home office or a building on personal property.
The property damage section of your BOP insurance policy is typically linked to damages to your:
- Building structure
- Equipment and Machinery
- Computers and Office Supplies
- And more
Since coverage can vary between insurers, we recommend a thorough review of your property damage coverage with your independent agent. At Insurance Broker Direct, we can help you assess the possibility of any additional property coverage you may need, such as earthquake or sewer backup protection.
If a covered event causes damage to your business, equipment, or inventory, you may need to halt operations temporarily. Instead of drawing against your cash assets or taking out a loan or line of credit, business interruption coverage can help cover your expenses despite an interruption in your cash flow, allowing you to continue paying minimum debt payment, payroll obligations, maintenance costs, and more.
Should You Purchase BOP Insurance for Your Business?
For many business owners, BOP insurance is preferred thanks to its reduced costs and simplicity of coverage. However, a business owners package is not necessarily right for everyone. At Insurance Broker Direct, we can help you decide on BOP insurance based on your risks, the size of your business, your industry, and other important factors. In general, small to mid-size businesses with low, general risks are often prime candidates for business owners package insurance.
Your business may benefit from a business owners package policy if it is a:
- Trades contractors such as
- HVAC Contractor
- Plumbing Contractor
- Electric Contractor
- Framing Contractor
- Landscaping Contractor
- Antique Shop
- Small Office
- Dry Cleaner
- Small, family-owned Restaurant
- Gas Station
- Or some other small business
Indiana Business Owners Package Quotes
Why fumble around with multiple policies and pay more for the same coverage you could find in one easy package at a more affordable price? At Insurance Broker Direct, we can show you how Indiana BOP insurance can help you protect your business and support your bottom line. We offer customized protection to efficiently safeguard you against a wide range of losses. We can also help you supplement your coverage with other commercial policies, such as workers compensation, umbrella, and commercial auto insurance.
If you own a small or mid-size business in the greater Lafayette area, don’t leave your company’s finances and assets to chance. Take steps now to work with an independent agent here at Insurance Broker Direct to build a custom commercial insurance package that protects your business both now and in the future. Call us today to find out more about Indiana BOP insurance or to request your free quotes. We look forward to serving you soon.