Orlando, Fla.—An experienced local agent can walk you through the right decisions when it comes to getting your business well covered considering all risks involved in your specific operation, and other local considerations like rules and regulations, standards, and best compliance.
Combining three insurance policies into one package may be one of the strategies right for your business.
A single, convenient package could be a Business Owners Policy which provides the core insurance that most small businesses need, including:
Property insurance—Protection for your building or office space, as well as property owned by your business, such as equipment and inventory.
Liability insurance—Coverage for costs that arise if someone is injured at your business or by using your products or services.
Business interruption insurance—Also known as Business Income insurance, this coverage replaces lost revenues in the event that your business has to shut down due to fire, wind damage or other covered losses.
There are many ways to customize your BOP coverage. As mentioned before, every small business has its unique risks. The following are some types of insurance your agent could help you explore, depending on your business’ particular case. Ask about endorsement options when getting your quote.
A BOP policy has certain coverage exclusions that you should be aware of. If you need protection for something that isn’t covered, policy endorsements might be available to extend coverage. For example, damage from earthquakes is typically excluded from a BOP. If you live in an area that’s prone to earthquakes, you might want to consider adding an endorsement to your policy to extend coverage.
A good reason to consider the above mentioned alternatives, is that the BOP insurance policy is specifically designed for small and medium-sized businesses, the type of business can influence eligibility. Normally, companies with 100 employees or fewer and revenues of up to about $5 million or less are candidates for a BOP. Some types of businesses, such as restaurants, may be ineligible for a BOP because of the specific risks inherent in the business and may need to consider buying the individual coverages separately.
And then of course, you could explore the possibility of an umbrella insurance policy to complement any areas of your primary insurance policies that might need to be broadened and increased. In other words, what most people call “fill in the gaps” left by other types of liability insurance by covering additional areas of risk and even reimbursing you for deductibles.
At Garzor Insurance our experienced professionals are dedicated to providing commercial insurance coverage for businesses in Florida as well as Georgia, Texas, and now many other states across the U.S.A. If you have questions about business insurance, or any other commercial insurance aspects, please do not hesitate to visit us online at Garzor Insurance, or you may want to call us directly at (321) 206-8035.
Oscar Pacheco
Insurance Agent - Transportation Specialist
