Insuring your business is just as important as insuring your car or your home, but it can be difficult to decide on coverage with so many available options. Luckily for small to medium sized businesses, there is an all-in-one plan called a business owner’s policy, or a BOP. To qualify for this easy form of insurance, your business must employ no more than 100 workers and earn no greater than $1 million in annual revenue. Larger businesses must select particular coverages and build their own policies.

What makes a BOP so convenient for small businesses? It bundles the most common and necessary coverages into a single policy package to offer comprehensive protection without hard decision making. In many cases, buying this bundle policy can also be cheaper than buying each individual coverage on its own. Though the BOP is pre-designed, you can still select add-on coverages to customize your policy to meet the unique needs of your business. Some of the most common coverages include:

• Property insurance: Covers physical property owned by a business, including buildings, furniture, equipment, raw materials and inventory.
• Liability insurance: Covers property damage or bodily injury inflicted on a third party while on business property, including legal and medical expenses.
• Medical payments insurance: Covers third party medical expenses following a liability claim.
• Loss of income insurance: Covers lost income if a covered event interrupts daily business operations, including financial obligations such as payroll and rent.
• Data breach insurance: Covers digital and online resources, such as databases of customer information, from hacker activity and other covered losses.
• Equipment breakdown insurance: Covers equipment, such as electronics or break room appliances, that fail or undergo damage following a covered loss.
• Employment practices liability insurance: Covers damages to employees involving alleged acts of discrimination, harassment, wrongful termination, law violations, etc.

Most BOP’s will not include commercial auto insurance and worker’s compensation and these policies must be purchased separately, if necessary.

Ask us about how you can start protecting your business today. Call RCU Insurance Services at 707-576-5120 for more information on Harrisonburg business insurance.