All as a business owner, it is your responsibility to make sure that your employees remain safe and protected at all times. However, you also have to make sure that you protect yourself both physically and financially when it works. For this reason, you should get a Business Owner Insurance Policy right away.
A Business Owner Insurance Policy or BOP refers to a type of insurance that covers property protection as well as service disruption due to various accidents and any other incidents that might lead to you losing your capabilities to generate viable income.
A good BOP policy should pay for company income lost due to natural calamities as well. In connection with this, it is also a form of liability insurance that covers any damage incurred because of your own agency's negligence. It will pay for potential employee hospitalization in case of an accident caused by your own company.
There are two different kinds of Business Owner Insurance Policy. These are as follows:
These specific types of BOP insurance provide a more comprehensive view of the coverage given to any business owner, whether small or well established. If you want to learn more about these particular types of policies, be sure to consult your insurance agents before making the purchase.
Much like any other type of insurance, there are also limitations to this particular policy. Would you like to learn more about them? Please continue reading below if you answered yes.
Basic Policy Limitations
It does not include professional liability, or any employee caused injury
It also does not cover auto insurance, workers' compensation, and our policies regarding health problems and any other preexisting disabilities. Employees should be able to purchase separate insurance policies for these conditions.
The Final Words
With these coverage advantages and limitations, you will certainly be able to get the best insurance features that you need as a business owner. You would also know when you can use the insurance policy to pay for any damage that might have occurred on your property.
If you want to learn more about what the policies cover in more detail, he should not hesitate to contact your local insurance companies for more information. It will surely be able to help you out soon.
At Mauser & Tobin Co., Inc., we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays and we're here to help you out. Learn more about our products and services by calling our agency at (516) 747-0171. You can also request a free quote by CLICKING HERE.