Fortunately, retailers are looking into opening their business once again as the government tries to revitalize the economy. As retailers restart their business operations, it is essential to consider getting a business owner’s policy (BOP). The health crisis brought so many uncertainties. And BOP is one way of protecting your business from those uncertainties.
As a retailer, you must protect your business from property and liability risks since it is your livelihood source. Great news! There is one insurance policy that can provide you with protection for both of these risks. BOP packages are policies that are designed to meet the needs of small and medium-sized businesses such as retailers.
It is a single policy wherein you get general liability and commercial property coverages. If someone got injured on your business property, your policy's general liability component could cover the expenses associated with it. When your business property gets damaged due to illegal activity or a bad storm, your commercial property coverage can pay for the repairs needed to your business property.
BOP also offers business interruption coverage, which can pay the lost income due to the suspension of business operations brought by illegal activity or a significant storm.
Importance of BOP
- Most of the time, retail businesses have a physical location, such as a store or an office. Hence, you need BOP to insure your commercial property and other business properties from fire or theft damages.
- You need to protect your business assets that can be stolen or damaged. BOP can offer protection for commercial assets such as cash, product inventory, office equipment, and furniture. It can also cover your digital assets, such as customer data.
- Your business is prone to lawsuits. Suppose a customer got injured while on the premise of your commercial property; BOP can cover your legal obligations to that customer. If you do not have a BOP, ii might hurt your business funds paying the legal obligations.
- If you are generating at least $5 million in sales and employing less than a hundred workers, it is highly advisable to obtain BOP for your business.
Financial risks do not recognize any industry. Like any other industry, retail businesses are also prone to property and liability risk. Thus, it is beneficial for any retailer to invest in the BOP to protect their business from unforeseen financial losses. You need to understand that protecting your business is one way of securing the future of your family.
At Meyerson-Roth Co Inc., we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays and we're here to help you out. Learn more about our products and services by calling our agency at (516) 432-5800. You can also request a free quote by CLICKING HERE.