Since insurance for most businesses is mandated by law, finding the right policy should be one of the first things to check off your to-do list before opening shop. Insurance can protect everybody involved in business transactions, including the company, employees and clients. Since not having it can have devastating consequences if a costly claim is filed, putting this protection in place should be high on the priority list. When shopping for insurance, it’s important to understand which type of insurance is best for your type of business, for example, commercial package policy vs BOP.
Factors That Affect Your Coverage
The best way to choose a plan is to sort out some characteristics of your business. Some factors that will affect your eligibility for certain coverage include:
- Type of business
- Type of property that needs to be insured
- Workplace’s square footage
- Amount of flexibility needed
- If workers compensation, disability insurance or health insurance is needed
- Size of business
By finding an insurance agency that specializes in the needs of businesses of all sizes and types, you can better understand the differences between commercial package policy vs BOP and other types of coverage. Getting the right policy that directly addresses your unique exposures can help you focus more on running a fulfilling, lucrative business instead of worrying about any costly mishaps.