Every business owner needs to ponder the question, ‘Exactly what insurance policies do I need and how much coverage is adequate for my company?” The options available are many and these questions may have more than one correct answer. On the positive side, you don’t have to purchase every policy separately. The business owners policies (bop polices) in Atlanta are geared to helping small to mid sized businesses handle some of their most important insurance needs.
How does a BOP policy work?
As most business owners are aware, bop policies in Atlanta can help protect your company in the event of property damage, business interruption, or any legal issues that may arise. The policies are bundled and therefore provide multiple policies at a discounted price.
A standard BOP policy equipped with property coverage helps protect against a specific list of perils, such as fire, wind, hail, water damage, and vandalism. You’re probably better off insuring for “replacement value” rather than “actual value.” This will help you avoid having to come up with additional money in order to get the business back up and running.
The premiums will be a bit higher, but the extra expense may well pay for itself, especially if it means getting back to work in a matter of days rather than weeks or months. You may even be able to offset the extra expense by reducing certain types of risks to help lower your premiums.
This coverage is vital if, for example, someone were to become injured while on your premises, by your employees, or due to one of your products. It can be used to pay medical costs for the injured parties or to defend against liability claims, even if a claim is unfounded. Liability coverage also helps protect against claims of slander or libel.
Business interruption coverage
If your business operations cease because of a disaster this coverage will help to replace the lost income and expenses related to operating from a temporary location, and keep payroll intact. There are many risks and exposures related to running a business and bop policies in Atlanta are just one way to offset these concerns.