Business Owners Policy (BOP) in Miami, FL
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Business Owners Policy (BOP) Insurance Quote Forms
Business Owners Policy (BOP) Insurance Information
Business owners have a clear interest in the state of their companies. For many owners, their businesses’ successes and failures can substantially impact their personal finances. Given the potential consequences of incurring significant losses and damages at your company, it’s imperative for business owners like yourself to understand the importance of a sufficient business owners insurance policy (BOP).
For over 35 years, the agents at Tanenbaum Harper of Florida have worked to help businesses understand and fulfill their insurance needs.
What Does a BOP Cover?
All small- and medium-sized businesses should strongly consider acquiring a suitable BOP. These insurance packages are a convenient and cost-effective investment by bundling several critical types of insurance into a single policy. Although specific coverage needs may vary among businesses, BOPs include protection that can be valuable for most companies. In general, these policies usually include the following:
General liability—If your business is responsible for an incident that resulted in losses for a third party, such as a client or guest, this coverage can help pay for the following expenses:
- Medical treatment for bodily injury
- Repairs or replacement costs for damaged property
- Damages arising from personal and advertising injury
- Legal fees and settlements related to the above claims
Commercial property—If property owned or used by your company is damaged or lost, your BOP can provide financial aid. This may include the following:
Business interruption—If a covered event forces your business to cease its regular operations temporarily, your insurance can help cover the following costs:
- Mortgage payments
- Lost income
- Tax payments
- Loan payments
- Relocation expenses
While the aforementioned trio of coverages act as a reliable core for most businesses, diligent owners must also assess the operations and details of their specific situation. Depending on various circumstances, the following additional coverages may be necessary:
- Workers’ compensation insurance
- Commercial auto insurance
- Cyber liability insurance
- Professional liability insurance
- Employment practices liability insurance
- Directors and officers liability insurance
Get the Right Coverage
As a business owner, you bear inherent responsibility for its future. Your decisions may shape your company’s direction and your employees’ careers. Without adequate insurance, it may be difficult for you to properly secure your business’s finances and further its mission. Even a single mistake can have lasting financial ramifications.
The agents at Tanenbaum Harber of Florida are dedicated to helping business owners in the Miami area protect their companies. We will work with you to identify your insurance needs and sculpt a suitable insurance portfolio. Contact us today to get started.