To briefly discuss a critical and complex topic for small business owners, let’s do a quick overview with an analogy to something simple we can all enjoy: pizza!
Business Owner Insurance (BOP) is like a standard Domino’s pizza. Its preset bundle of ingredients is designed to meet the needs and requirements of most small businesses and is practical in terms of cost and coverage.
A Commercial Policy Package (CPP) is more of a build-your-own, à la carte menu of options for those with more specific appetites or dietary requirements when there are unique risks within that business’s industry that necessitate extra coverage. This might sound expensive, but because it can be built from the ground up, it facilitates nearly unlimited options and has the capacity to be more cost-effective (rather than purchasing a standard BOP policy and adding additional menu items to your order).
Keep in mind, while BOP and CPP packages cover the majority of the gamut of coverage business owners need, they often do not include vital coverage for other key ingredients, such as commercial flood insurance, workers’ compensation and other crucial liability insurances.
Also, with the impact that COVID-19 has had on many brick-and-mortar businesses, it is critical for those now operating businesses out of their homes to know that homeowners insurance policies specifically exclude liability coverage for all business operations.
We’re here to help you painlessly place your order; we’ll assist you in understanding and confidently deciding which policy type is best for you. Our goal is to help you navigate toward options that make the most holistic sense for your business in terms of risk management, budgets and bringing you a personal sense of stability.