You’ve finally gotten the small business you’ve always wanted off the ground and running. Now, have you given much thought to how you’re going to protect your company from financial risks? Starting out with a business owners policy (BOP) in Hopkinton and customizing it to your specific needs can be a smart way to save on costs and get the insurance coverage you need.
Your Business Owners Policy in Hopkinton and Customizing Options
What Does a Basic BOP Provide?
BOPs may vary slightly between insurers, but most basic BOPs come with good basic coverage, which includes property insurance and general liability coverage, helping to protect businesses beyond their standard commercial insurance.
Property insurance is designed to help businesses recover the costs of repairing or even replacing business property after some types of weather damage, fires, vandalism or theft. As a small business owner, trying to make repairs after your shop has been vandalized can be costly. For instance, companies such as those in the landscaping business could certainly benefit from property insurance when valuable equipment and tools have been stolen.
Liability may help with expenses for lawsuits, expensive lawyer fees, or even court costs. It may also cover bodily injury claims if a patron should slip on your property and become injured. Unfortunately, most businesses never know when they may inadvertently cause an accidental injury to someone while in standard operations.
Customizing Choices for a BOP
BOPs provide an insurance foundation for small businesses with minimal amounts of risk, but most businesses could use additional types of coverage to round out their business owners policy in Hopkinton.
Small businesses, such as ice cream parlors, like the idea of having business interruption insurance just in case they have to close their doors on a temporary basis because of a property claim that’s covered in the policy.
Often, small business owners have put every cent they have into starting their businesses, and if they had to close even temporarily, it could put their business at risk. Business interruption coverage can help to pay for your ongoing expenses even when you’re no longer able to generate income.
Commercial Auto Insurance
All small businesses would do well to consider commercial auto insurance to cover legal expenses, vehicle repair costs and medical bills, which are related to an automobile accident. Many jobs take you all over the city driving from one location to another, which makes auto insurance a top priority in those types of business.
Owners of ice cream parlors may be taking big risks if they don’t consider the benefits of spoilage insurance. You just never know when a power failure or a freezer could go out and you’re facing spoiled ice cream or other foods.
Workers Compensation Insurance
Most states, including Massachusetts, require business owners to carry workers compensation insurance on their employees. This type of coverage helps to pay for disability/death benefits, lost wages and medical costs when employees are injured while performing their job.
Jobs that laborers perform using heavy equipment can be particularly dangerous. Employees are also subject to a great deal of physical activity while performing the job, which could cause back strains and unforeseeable accidents.
Food Contamination Coverage May Be a Smart Addition to Your Business Owners Policy in Hopkinton
Besides serving ice cream, many shops like to offer tasty sandwiches and side dishes, which increases risks of food contamination. Managing more food varieties requires careful handling and training to prevent contamination.
Make sure to analyze your business risks and consider customizing a business owners policy in Hopkinton. Your local friendly agent should be able to build a plan that is ideal for your business and any risks it may face.