The end of the year is a great time to tie up loose ends and prepare to head into 2019 with big plans and a bright outlook. No matter the industry you’re in or the service you provide, you’ll want to keep everything safe with the right business insurance plan that can help you stick to those plans and not worry about big financial losses.
When it comes to choosing the right local insurance plan, there are package policies of insurance here in Babylon that can provide different protections. Depending on what you’re looking for there are different business insurance options that are right for you, including a business owners policy (BOP) and a commercial property plan (CPP). Let’s take a look at both of them.
Business Owners Policy
A BOP is usually a good option for small to mid-sized businesses looking to combine certain aspects of other insurance plans. This kind of package pulls together general liability insurance with commercial property insurance and creates a convenient plan that saves you money compared to purchasing them separately.
A BOP protect business owners’ assets in the event of a lawsuit that involves third-party bodily injury or property damage. Also, BOP can protect against damage to your building (for building owners only) and the materials inside, such as office furniture and equipment).
A BOP is well-rounded and can protect against major litigation as well as things like slips and falls. Legal defense costs can be very pricey, so having this kind of plan in place will provide the right coverage needed.
BOPs also provide business owners with business interruption insurance to cover loss of income due to a covered disaster. If your business has to shut down to this kind of event (i.e. fire, flood), then a BOP will help during a temporary shutdown. This kind of coverage is needed now more than ever, given the current climate of governmental flood insurance, that is currently being called on to be reformed.
Finally, it’s important to keep your data safe, especially when it comes to things like company financials and customer information. Which makes it all the more beneficial to bring on a BOP as it can be combined with cyber liability insurance.
Commercial Property Plans
A CPP is usually for larger businesses that come with a lot more risk. This kind of plan can be customized to include a package of coverages that fits the risk profile of your business. Industries such as light manufacturing, processing and service, retail, office and wholesale are all qualified to obtain a CPP given their complex risks.
General liability, commercial property and business interruption are all included within a CPP. Also, inland marine insurance can be added to cover property and equipment that is used off premises. And for businesses with commercial vehicles in use, a commercial auto portion can be added to a policy.
No matter the need for an insurance plan, it’s important to step into the new year knowing that you’re safely covered by the right insurance package. Assess your business and your needs to make sure you choose the right one.
About Regan Agency
A family-owned business, Long Island-based Regan Agency has more than 35 years of experience serving the insurance and risk management needs of Tri-State residents and businesses. We have earned the trust of our clients based on our integrity and commitment to offer individuals and businesses quality library insurance products at competitive prices backed by unparalleled responsive service. Just give one of our professionals a call at 631-669-3434.
