Most business owners strive to make decisions that are right for their company, their employees and, of course, themselves. This includes decisions about business insurance, because without proper coverage everything that was accomplished before will mean nothing if the business has to close its doors due to improper coverage.
A Business Owners Policy (BOP) in Maryland combines property, liability and business interruption coverage for small to medium-sized businesses. This packaged coverage is generally less expensive than purchasing coverages separately. A BOP simply gives owners the ability to customize the policy to meet any individual business needs.
Business property insurance
Property insurance helps protect the property a business owns, leases or rents, including things like buildings, equipment, inventory, furniture and fixtures. It provides coverage for damaged computers and media as well as any loss of accounts receivable records.
Business liability coverage
When it comes to liability protection, every company needs coverage, and the broader the better. Purchase a policy that provides liability insurance that covers the business in the event it, or any of its employees is responsible for causing harm to a person and/or damage to property. It also helps cover the cost of any defense.
Loss of business income due to business interruption
If unexpected events cause operations to be suspended due to a covered cause of loss, this important coverage will help replace any loss of income to help meet those continuing financial obligations, such as rent or payroll.
In addition, the business should have general liability coverage that includes operations. Some owners should consider adding business auto coverage or commercial property insurance as well. Whether this is a home-based business, small service provider or contractor, find an agency that will work hard to find the right combination of coverage to meet specific needs.
Purchase a business owners policy in Maryland from a respected agency that will, in addition to providing the best advice on the right coverage, can provide additional services, such as loss prevention programs. There are agents available that can evaluate a business’s current conditions and recommend ways to lower property, auto, workers compensation or liability losses. Lower losses will both, lower insurance costs, and also increase productivity by avoiding any downtime.