Business Owners Policies in South Windsor, CT
Owning your own business can be an exciting prospect that leads to lucrative and rewarding opportunities. However, as a business owner, you also bear substantial responsibility for your company’s successes and failings. Your personal finances may also be tied to those of your business. With these stakes in mind, it’s imperative for business owners like yourself to understand the value of an adequate business owners insurance policy (BOP).
For over 50 years, Eaton Insurance Services has helped individuals, families and businesses in the Genesee County area understand their insurance needs and acquire suitable coverage.
What Does a BOP Cover?
BOPs are a type of insurance policy that may be an invaluable investment for any small- and medium-sized business. Regardless of industry or specific operations, most companies have certain common risks and exposures that must be addressed and accounted for. BOPs offer a convenient and cost-effective insurance solution by bundling various coverages and creating a wide array of protection. In most cases, a suitable BOP will include the following types of coverage:
· General liability—This coverage may be able to help pay for losses and damages accrued by third parties arising from the following incidents:
o Bodily injury
o Property damage
o Personal and advertising injury
· Commercial property—This coverage focuses on providing financial assistance to repair or replace property used to operate your business, such as the following:
· Business income—If your business is forced to pause its normal operations temporarily, this coverage can render financial aid for the following expenses or losses:
o Mortgage payments
o Employee wages
o Lost income
o Tax payments
o Loan payments
o Temporary relocation
· Professional liability—If a client or partner alleges that a professional error or negligence committed by your business was responsible for their damages, this coverage may be able to insulate you from financial losses.
How Much Does a BOP Cost?
Before providing an accurate quote for coverage, insurance providers must take time to analyze specific details of your company. In most cases, the following criteria of your business will be considered:
· Number of employees
· Prior claims history
· Policy details (e.g., types of coverage, policy limits)
Get the Right Coverage
Even the most diligent and careful business owners may not always be able to eliminate all risks and exposures from threatening their companies. Regardless of how safe you believe your workplace and operations to be, even a tiny error could have irreparable ramifications for your business’s future.
The agents at Eaton Insurance Services are here to help your business continue to grow and thrive. We will work with you to understand your insurance needs and tailor an optimal BOP. Contact us today to get started.