Basic Insurance for New York Businessesat10211
A Business Owner’s Policy (BOP) is a handy package that provides basic insurance cover. BOPs are popular with NY entrepreneurs because the policies meet many of the insurance needs of a small business at “package deal” prices. But there are other types of cover that may need to be added to a BOP, to protect your business properly. You might also need separate policies, such as flood insurance.
The various elements of a BOP can be customized to suit the needs of different business enterprises. Protection may include property coverage for property losses, business interruption coverage in the event of a temporary closure of the business premises because of an insured disaster, and liability coverage, in case someone who has an accident on your premises files a lawsuit.
While a BOP provides some protection for a range of common risks that small businesses face, entrepreneurs may need to purchase additional separate coverage depending on their situation. Auto insurance coverage and workers’ compensation insurance may be required. Flood insurance is probably a wise idea to protect business assets in the event of floodwater damage. This type of coverage needs to be purchased separately to a BOP, and is particularly important if your business is located in a flood-prone area of New York.
Because floodwaters can rise quickly, it’s important to have an evacuation plan in place for your business. This might include putting essential equipment up high if you have warning of a flood, or if waters rise suddenly, in the case of a flash flood in heavy rain, it might be wise to have a plan to get workers safely out of the building.
While purchasing a BOP can simplify insurance management for an entrepreneur, insurance is still a complex area. Call us if you would like to discuss a BOP, or other insurance products that can help protect your business investment.