When drawing up a budget proposal for a new business, there are many expenses to include. You need to account for everything from legal fees for registering your company to a marketing campaign. One thing that is sometimes overlooked, but shouldn’t be, is a business owners policy (BOP) that includes general liability insurance. If you’re starting up a company in Barre, Vermont, make sure you include a policy quote in your projected expenses.
When Starting a Company, Entrepreneurs in Barre Need to Include a BOP with General Liability Insurance in Their Budget
Budget for a BOP That Has General Liability Insurance
No matter what kind of business you’re starting, you should plan on budgeting for a business owners policy. It’s rare for a company to not need one, as these policies usually provide general liability insurance, which almost every company needs, along with other important coverages like commercial property insurance and business interruption insurance (exact insurance coverages vary from policy to policy). Without these insurance coverages, your company could be dangerously exposed to risk.
Even though you undoubtedly are working with limited capital and will want to run a tight balance sheet, you’ll still need to get a BOP. Some entrepreneurs are tempted to forgo insurance coverages in order to save a few dollars each month, but doing so could bankrupt your entire venture. Just one incident could render all of your efforts useless if your business suffers a loss and isn’t insured.
Therefore, you ought to include a BOP in your budget as soon as you start planning the finances of your venture. Not building this necessary expense into your planning from day one can lead to inaccurate projections and forecasts.
Get a Quote for a Policy
To budget for a policy, all you need to do is get a quote from an insurer that offers commercial insurance policies to Barre businesses. Depending on how quickly you actually need the insurance policy, the quoted rate might change slightly. Obtaining a quote sooner rather than later, however, will give you a ballpark figure to use in your budgeting.
When getting a quote, you don’t necessarily want the cheapest policy available, because inexpensive policies sometimes offer limited coverage. Instead, you should get a quote for a policy that provides all of the insurance coverages your business will need, including the right amount of general liability coverage and any other coverages that your business needs.
A Barre Insurance Agent Can Provide Quotes
You can easily get a quote for a BOP that will include all of the coverages your business should need by contacting an independent insurance agent in the area. In fact, it takes just a few minutes for an independent agent to look up multiple quotes from different insurers in Barre. An agent can also help you assess how much general liability insurance and what other coverages your business will need, so you can compare the quotes and budget for the most affordable option that will still properly protect your company.
This material is for informational purposes only. All statements herein are subject to the provision, exclusions, and conditions of the applicable policy. For an actual description of all coverages, terms, and conditions, refer to the insurance policy.