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As a business owner, you realize how important it is to make the right decisions for your company. Everything you do can affect your clients, your employees and, of course, the business itself. This includes decisions about business insurance, because without proper coverage all that you have accomplished will mean nothing if the company winds up having to close its doors due to improper insurance coverage.
A business owners policy (BOP) that you can purchase through an OC insurance company combines property, liability and business interruption coverage for small to medium-sized businesses. This packaged coverage is suitable for smaller companies because it is less expensive than purchasing policies separately. A BOP gives owners the ability to customize their policy to meet their own individual business needs.
Protecting business property
Property insurance helps protect the property a business owns, leases or rents, including the buildings. The loss of any business property you own can impact your bottom line. Business property insurance is designed to help you replace covered business property, such as computers, inventory, furniture, fixtures, equipment and tools.
Business liability coverage
When it comes to liability protection, every company needs coverage, and the broader the coverage the better. Purchase a policy that provides liability insurance that covers the business in the event that any of your employees is responsible for causing harm to a person and/or damage to property. It will also help to cover any defense costs.
Business interruption can result in loss of business income
An unexpected event could cause your operations to be suspended for an extended period of time, and coverage for business interruption will help replace any loss of income that occurs. This will help you to meet many continuing financial obligations, such as money for the lease or payroll commitments.
Your business should have general liability coverage that includes operations. In addition, some owners should consider adding business auto coverage or commercial property insurance as well under separate policies.
Purchase a BOP from a respected agency that can provide additional services, such as loss prevention programs. There are agents available that can evaluate your current conditions and recommend ways to lower property, auto, workers compensation or liability losses. An oc insurance agency will work hard to find the right combination of coverage to meet your specific needs.