How To Tailor Your Business Owner's Policy To Your Industry

​A business owner’s policy allows you to combine different types of coverage in a single policy as a way to protect the assets of your business. BOP also allows you to tailor an insurance package according to your business needs. 

A Business Owner’s Policy Includes:

• Business interruption. This offers protection to your business from accidents such as fire that may cause stopping of operation or loss of income. 
• Property coverage. This coverage protects your business structure and its contents 
• Liability protection. This one offers protection to your business operations and products that could lead to injury or damage.
• Other types of coverage. These may include liability, crime, signage, or equipment breakdown.

Regardless of your model, your business is not immune to uncommon risks that are not included by the business owner’s policies or other basic insurance policies. In addition, the rules and regulations of many industries regarding potential liabilities may suddenly change.  

This is the reason why it is essential to know the risk exposures of your business. In order to tailor your business owner’s policy to your company, you should be able to anticipate the risks and know how to address them accordingly. 

Does Your Business Need Specialized Insurance?
Certain industries are more likely to attract more liabilities compared to others. For example, medical professionals need a more specialized approach with regard to their liability protection. Lawyers and architects are also vulnerable to professional liabilities. 

Many other specialists are prone to liabilities and property losses. Basically, if you open your door to the public and offer your products or services, then you are automatically at risk with lawsuits. 

Things to Consider
Keep in mind that commercial umbrella insurance does not include coverage for losses related to errors and omissions, or professional liability. In general, professional service providers need insurance policies that can help them address the risks and liabilities that they are specifically vulnerable. 

If you run a landscaping business, a building contractor, or involve working with large machinery, each of these poses different risks. But, all of them can face lawsuits and claims from customers and employees. 

Every industry comes with a range of risks, and there are many problems to consider. So, know your risks so it is easy to tailor your business owner’s policy. 

At Rigel Hines and Associates, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (708) 283-7316. Get your free quote today by CLICKING HERE.