Regardless of the industry, when you launch a business, it immediately becomes vulnerable to a wide range of risks that could undermine all your hard work. That’s why you need to ensure you have the proper business insurance. A business owner’s policy (BOP) offers small-business owners a more convenient and cost-effective way to buy coverage and meet the basic insurance requirements of their company. The following information helps explain why insurance is necessary and what a BOP covers.
Why You Need Business Insurance
Every business has the potential to experience a lawsuit or unexpected events like fire, flooding, or theft. Without the proper type and amount of business insurance, you would have to pay out of pocket for any losses incurred as a result. This can create a significant financial burden from which it’s challenging to recover. Each year, many companies are forced to shut down operations due to insufficient protection.
How a Business Owner’s Policy Can Protect You
A business owner’s policy bundles a few different types of coverage into a single plan. Typically, this includes general liability, commercial property, and business interruption insurance. General liability covers any bodily injuries or property damage your company may be financially responsible for. It also pays your legal fees if you get sued. Commercial property gives you the funds to repair or rebuild your business structure if it’s damaged or destroyed, as well as replace furniture, equipment, inventory, and anything else vital to the venture. Business interruption insurance reimburses you for lost income if a disaster interferes with your ability to continue operating.
If you’re serious about achieving long-term success in your entrepreneurial endeavors, secure adequate business insurance through Reed Brothers Insurance. Their agents can help assess your company’s unique needs and work with you to customize a business owner’s policy that offers sound protection. For more than a century, they have been entrusted to provide business owners in Lexington, KY, and the surrounding areas with high-quality products at competitive rates. Call (859) 253-2728 to request a quote, or visit their website to learn more about business insurance coverage options.
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