Many small businesses, especially those just starting up, don’t need extensive insurance policies. A basic plan offers sufficient, affordable coverage. This type of insurance plan is called a business owners policy, or BOP. Virginia BOP includes commercial liability, property, and business interruption. These areas are the ones in which claims usually occur no matter the type of company. Other add-ons are available to meet individual needs, such as drain backup, outdoor signs, employee dishonesty, and money and securities.
Although the areas of coverage in the basic plan are the same across all industries, each policy is customized to address the exposures unique to each sector. For example, a hospitality business would require a liquor liability add-on. Since these plans can vary widely, even within the same industries, it is important that the insurance provider understands the mission and needs of the small business and the hazards it would typically face in order to create the right policy. The provider should fill in gaps with extra coverage to reduce risk and protect the business’s assets.
Virginia BOP allows small businesses to be properly insured while staying within their budgets. The flexibility and personalization of this type of policy make it ideal for those looking for simple but tailored coverage that will protect their small businesses from damages and lawsuits. It’s one less complication owners have to worry about so they can focus on growing their businesses.