There’s more to running a business than meets the eye. Even small businesses have a lot going on behind the scenes. As the owner of your enterprise, you know better than anyone the types of challenges and obstacles that can stand in your way of success. With the right insurance coverage, you can mitigate your company’s exposure to risks and better protect the future of your business for years to come. Whether you are preparing to open your doors or getting ready to expand, look to Strobel Insurance Agency Insurance for business insurance solutions in the greater Eau Claire area.
The Business Owners Package (BOP Insurance)
BOP Insurance is an insurance product created to simplify commercial coverage for small and moderately-sized businesses that have similar generalized risks. It combines several coverage types together that might otherwise be purchased individually as stand-alone policies. This consolidation of coverage makes insurance easier for the business owner, and it spreads out risk exposure for the insurer. This can result in a lower combined premium than if coverages were purchased separately from each other.
Who Qualifies for BOP Insurance?
At Strobel Insurance Insurance, we can help you determine if BOP Insurance may be right for your business. Every case is different, but generally, we recommend this type of protection to companies operating in low-risk industries from small buildings, offices, or storefront locations. Typically, these businesses do not have a large payroll and are unlikely to need business interruption coverage that lasts more than a year. For example, a small laundromat with five employees or a clothing boutique with only a single leased location may be good candidates for BOP insurance. A company with more than 100 employees, multiple locations, several million dollars in annual revenues, and high-risk exposures would be unlikely to qualify for this type of insurance package.
BOP Insurance Coverage Types
A Business Owners Package contains several coverage types. Together, they protect your business and help keep the doors open if you are sued or a covered event forces you to temporarily close for repairs. You should refer to your agent and policy for the details of your coverage, but your BOP insurance is likely to protect against:
You invested a lot in the cost of starting up your business. From purchasing computers and furniture to installing equipment and inventory, it could all be lost in the event of a fire, storm, theft, or other covered event. BOP insurance contains property insurance that covers the physical assets your business owns, including the fixtures and finishes in your office, your signs, and even the structure of your building if you own it.
If your business comes to a halt in production or operations, your revenue stops, too. When there is no income, it may be difficult to continue paying for ongoing costs, from payroll and accounting to debt repayments. Business interruption insurance helps cover a temporary closure of your business, reduced production, or temporary relocation expenses due to a covered event.
Maybe your employee forgot to put a wet floor sign in the bathroom after mopping the floors. Perhaps a loose fixture fell on a customer in your lobby. Whatever the case, accidents happen, and your business may have to pay for it. Commercial liability insurance helps protect your business against third-party injuries, property damages, and other accusations of wrongdoing. It can cover your court costs, your legal fees, and judgments against your business if you lose your case. We recommend high liability limits to minimize the risk of liquidating business assets to pay for excess damages.
Customize Your Coverage
Depending on your business’s risks and needs, it may be possible to customize your BOP insurance and supplement it with other types of stand-alone coverage not available in a Business Owners Package. For example, you may need to add an inland marine endorsement to your BOP insurance if you frequently transport expensive equipment for business purposes or purchase a liquor liability endorsement if you sell alcohol at your business establishment.
You may also need to purchase separate coverage for your business depending on your needs. Workers compensation is a requirement for Wisconsin employers. We can help you get coverage for your workers that keeps you compliant with state laws and also provides the type of protection necessary to support your employees in the event of a workplace injury. Another common business coverage is commercial auto insurance. If your company owns vehicles used for commercial purposes, this coverage can protect the value of those vehicles against accident and non-collision damages. It can also help protect your business against litigation when you or another company driver is at fault for an accident.
BOP Insurance Coverage and Quotes in Eau Claire
If you own a small or moderate-size business in the greater Eau Claire area, let Strobel Insurance help you get the coverage you need. Contact us to request a BOP insurance quote consultation and to find out if this coverage is right for you. We offer a wide range of commercial insurance solutions customized to fit each business we serve. As an independent agency, you get local support and selection, helping your business to get maximum coverage value and also protect your bottom line.
For more information about Wisconsin BOP insurance and other commercial insurance options, contact our office today. We look forward to serving you soon.