Business insurance is a necessity and a requirement for any company that strives to be successful, greatly enhancing its financial health. Most business owners understand how important this is, but still want to get the best coverage at a reasonable price. A business owners package from NewMark, also commonly known as BOP insurance, combines property insurance, liability insurance, crime coverage and other protection into one convenient package.
Coverage many owners package into a BOP
The advantage of purchasing a BOP is that it gives you the ability to buy multiple policies that would cost more to buy separately and you can determine which policies best suit the company’s current needs. A common BOP coverage package includes property insurance, which protects the building, equipment and inventory, business income insurance, which covers lost income if the operations are suspended because of a covered loss and equipment breakdown insurance, which provides protection if any equipment is damaged from power surges, mechanical breakdown, burnout or operator error.
Depending on the type of company you run and exposures you may face you may opt for personal and advertising injury coverage, which covers copyright infringement, libel and slander, bodily injury. Property damage liability, another wise choice for many, covers instances where employees, products or services cause harm to other people or their property. Medical payments coverage can be essential as it covers medical expenses resulting from injury to others on property that the company owns or rents. Many business owners choose to place rented vehicle coverage in the package, which provides liability coverage for autos being leased, hired or borrowed.
BOPs are often purchased by small and medium-sized businesses and typically contain business interruption insurance, which provides reimbursement for up to a year of lost revenue resulting from an insured property loss. All of the insurance policies contained within a BOP should be vital to any business with a significant number of employees, and equipment used routinely to run their operations.
While a BOP from NewMark can help many businesses save money, for some high-risk companies the coverage limits offered by a standard BOP may be insufficient. Be sure to check with an agent who specializes in this line of insurance to help you decide whether a BOP meets your company’s current business needs.