When you put in so much work and dedication into your business you want to make sure that it is protected. In most states, having a business insurance policy is the law. A Business Operating Policy (BOP) can help to protect you and your employees.

Even if you are just starting out and don’t even have a full staff, an insurance policy that covers your interests and protects you from liability issues can save you money. Don’t get stuck paying expensive out of pocket fines or settlements that can strain your business financially.

Firms like Blumenshine Law Group specialize in liability suits and could tell you that having the extra protection of insurance can save your business from litigation. Be a responsible business owner and plan for every scenario.

What is a BOP?

This style of combination policy helps to protect your interests on several fronts. A full policy will cover your business property, liability and business income all in one. This means that every part of your business and potential liability will be protected. From slip and fall accidents to damage to your business property, a full BOP policy will have you covered.

Business Liability

Liability means the responsibility of the business owner to protect its customers and employees from any danger or injury. If someone were to trip and fall on your premises, injure themselves on the job or as a result of your product or property, you will be protected from lawsuits. All claims against your business will be handled through your policy, saving you expensive out of pocket settlements that can sink your whole company.

Business Property

This part of your policy will cover all potential damages to your physical buildings and property. This includes tools, equipment and even files and computers. You can’t always predict what will happen; that’s why insurance can save you when there is trouble.

In cases of flood, fire or theft, your business property policy will help protect your investments. The costs of repair or replacement of assets are covered under this section of your policy. Imagine trying to replace vital equipment, tools or even a building without the help of an insurance policy.

Business Income

Business owners may not believe that this part of their policy is important until they need it. When your business is forced to close temporarily due to damage, it can be a challenge to keep things going off the production floor. Expenses like operating bills and payroll can be tough to make when your business has to stop for any length of time.

If you have to close your doors during repairs from something like fire or flooding, your business income policy coverage will help you to keep paying your bills until you are ready to open again. Your policy will replace lost income when operations are forced to come to a halt. This protects not only your bottom line but also your employees who will be forced to take some time off.