Running a small business requires one to make multi-task and to make sure to cover all bases. With plenty resting on a business owner’s shoulders, it is important that all possible exposures are considered and protected against. One of the single best ways to do this is to have a business owners policy insurance in place.
One Size Does Not Fit All
While all BOPs should have liability and property coverage, there are many ways to tailor a policy to the needs of an individual business. Depending on the type of business, it is important to consider other exposures that may require specialized add-ons to a policy. Some of these include:
- Vulnerability to acts of nature such as earthquake, flood or pollution
- Damages from mechanical, electrical or cyber failure
- Liquor sales
- The utilization of leased workers
- Incidents that require coverage beyond standard coverage
- Product recalls
While it is important to cover the basics, such as coverage for property damage and injuries occurring on a business property, it is important to go through the details of a business owners policy insurance to carefully assess whether a business’s special needs and circumstances have been addressed. There is no need to settle for any standard policy, when specialized coverage is available and can very well be a more practical choice.