Small businesses need insurance, just like individuals need insurance. While all businesses have unique requirements and need insurance policies that will meet those needs, there is one kind of small business insurance that all Bradford, Vermont-based businesses should consider getting. Business owner policies (BOPs) are designed to meet the needs of most businesses in the state.
One Type of Small Business Insurance That Bradford Businesses Should Consider
Business Owner Policies Provide Many Coverages
BOPs provide a broad spectrum of coverages that provide a solid, foundational level of insurance for small businesses in Bradford. While they don’t meet every business’ unique needs (no one small business insurance policy could), they do provide a lot of protections that most businesses need. The following coverages are included in most BOPs:
Property coverage for assets owned by the business
General liability coverage for the business
Coverage for events that force operations to be suspended
In short, BOPs usually provide protection against three of the main threats that businesses face: property damage, lawsuits and suspended operations.
(Because all insurance policies vary and have their own specific coverages, business owners should carefully read through the fine print of any BOP they’re considering to ensure that it includes these basic and common coverages.)
Businesses May Need Specialized Small Business Insurance Policies
Some small businesses may need additional protections. For instance, a business that owns several company vehicles might need a commercial auto insurance policy, or a professional who has a limited liability corporation may want to protect themselves with an errors and omissions policy.
Specialized policies like these are often best purchased in addition to a BOP, because they don’t typically provide the broad coverages that BOPs do. Thankfully, it’s easy to purchase one or more specialized insurance policies in addition to a BOP. Often, all policies can even be lumped together in one convenient premium payment to make managing the policies simple.
Small Businesses Should Consult an Independent Agent in Bradford, VT
Because small businesses have unique needs, properly insuring a small business is often more complex than getting a personal homeowners, renters, or auto insurance policy. Multiple risks must be considered, and how policies’ coverages complement one another must be taken into account. For this reason, businesses owners of companies that either don’t have a BOP or aren’t sure whether they do should contact an independent insurance agent by phone or see one in-person.
An independent insurance agent who serves Bradford has both the expertise to help businesses in the area assess their insurance needs and freedom to help them compare multiple commercial policies from different insurers. They’re able to walk with business owners through the process of selecting the best small business insurance coverages for their companies and finding BOPs that provide broad coverages and specialized policies that give additional protections. This process doesn’t take too long, but it does require more than filling out a simple online form -- which is why business owners should talk directly to an independent agent.