A business owner’s policy, or BOP for short, is a bundle of different coverages that protect against common situations that people in charge of corporations tend to encounter. This is done for the convenience of entrepreneurs, though specific types of indemnification can vary. Your Atkinson Casey Agency representative can go over specifics with you.
What is a BOP or Business Owner’s Policy?
Business property insurance is typically included, and this can cover the inventory that you store in a warehouse, for example or any raw materials you use to create products. A variety of situations can affect these items, such as a fire or an electrical surge. Heavy rains or storms can also damage your property. If you have the equipment, such as an assembly line, your corporation needs it to run smoothly.
A business owner’s policy is not a requirement for Monroe, GA residents, as only workers’ compensation and commercial auto insurance are mandated by law. A BOP will not extend to these particular areas of your business but will often include a type of indemnification known as business interruption insurance or business income insurance.
This type of protection can ensure that you continue to receive compensation even when you aren’t able to generate revenue. One scenario this can apply to is when your storefront has to close due to a covered peril, such as when a tree has fallen on your building. This can alleviate the financial pressure of making mortgage payments on your business location, paying taxes, payroll, or expenses related to relocation by supplying you with finance.
Let Atkinson Casey Agency Help You
We faithfully serve the residents of Monroe, GA with their insurance needs and can tailor a package for your business and all aspects of your life. Give us a call or stop by the office, and we can discuss your situation further.
