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Business Owner’s Policy for Small Businesses: An Essential Knowledge

Sunday, May 31, 2015

A Foreword on a Myth

This post is not much informative, I admit. I have focused on the myth that many businesspeople have about the Business Owner’s Insurance Policy. In fact, there is a hype as regards  small business liability policy. The following discussion is all about the myth. This is aimed at clarification of whether BOP should be viewed as a ‘GO-GRAB-SLEEP-TIGHT’ policy.

BOP for a Bloomer

Protection! Protection!! Protection!!! What a hype! When it comes to a business insurance policy for a small business owner, he has literally a baker’s dozen and more. But the most hyped is the acronymically known BOP or Business Owner’s Policy. But if you are too naïve, which I believe you are not, you might pretty well be in the wrong about it. Some are, if not many.

So, a little care is worth it. Fortunate you are if your agent really explains to you that BOP’s general liability coverage is NOT FOR YOU. Instead, it is for the complainant, the aggrieved who are to benefit. Your benefit is you are safeguarded against paying the expenses for the WRONG you do to others. If you do not read between the lines, you might well be mistaken about your policy. Go beneath the terms and beyond as well---that is what I would love to advise you. 

Sounds Sweet But…

Yes, BOP does sound sweet as it is a sweet fusion of two or even more policies. Remember a fusion is not always a best symphony. There is no doubt, the insurance moguls have done a pretty good job for you by offering BOP to you -  a small businessman. They have covered:

1.       General Liability;
2.       Property Liability
Yes, in one single package. And….

 That Is the Trick behind the Hype!

 It is also advertised, kind of hyped that if you have BOP, you are going to catch two birds with one stone. Methinks, it is wise to think that it is a policy of its own kind.
So what does BOP Insurance offer you?

Here you go: 

1.      Defense against bodily injury or property damages your business might cause to an employee.
2.      Defense against bodily injury or property damages your business might cause to a contractor.
3.      Defense against bodily injury or property damages your business might cause to a customer or any third-party.

So, it is the aggrieved that is paid to for you by your insurer. You damage; they compensate.

Yet BOP Is the Best Small Business Policy for You

Yet surely, with BOP, insurance companies have designed a praiseworthily fairly beneficial policy for you. If you have the prior knowledge that your business is likely to be harmful to others, there is every reason for you to befriend BOP. But before you go for it, do consider the following questions: 

1.      Are any of my employees likely to be harmed by the business I run?
2.      Are any of my customers likely to be harmed by the business I run?
3.      Are there any possibilities that my business may damage property of any other’s business?

If your answer is or answers are ‘Yes,’ then BOP is surely to be a savior for you.

Image Courtesy: contctme.com

Keywords: Small business liability insurance, business liability insurance, best small business policy, best business insurance, business insurance policy, business insurance policies, insurance policies for business, liability insurance policy

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