Lockdown measures have significantly affected the business operations of many companies around the world. It shut down the operations of airports, restaurants, shopping centers, and put many red economies.
Like big corporations, small business owners also felt the adverse effect of the pandemic. Their revenue plummets as most people are spending less due to the situation. As a result, the financial viability of many small businesses is threatened.
Insurance Policy Designed for Small Business Owners
As a small business owner, you must protect your source of livelihood from property and liability risks. The good news is you can find protection for these risks in one insurance policy. General liability and commercial property coverage are bundles in a single package called business owners policy (BOP). It is an insurance policy specially crafted for the needs of small businesses.
Typical BOP covers the following:
Requirements for BOP
BOP is not available to all businesses. You met several requirements that must qualify for this insurance policy. Requirements for BOP vary from one insurance provider to another. But in most cases, you must own a small business that is gauged based on the number of workers. You must be working in a low-risk industry, and your business interruption coverage requirement must not exceed 12 months.
Commonly, businesses such as small restaurants, apartment buildings, retail stores, and office-based companies qualified for a business owner's policy.
If big companies need insurance protection for their business, the more you should protect your small business. There is no exception to the financial risks brought by the pandemic. Thus, it is an excellent choice to obtain this insurance policy. As they say, it is better to be safe than sorry.
At Mauser & Tobin Co., Inc., we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (516) 747-0171. Get your free quote today by CLICKING HERE.