As a business owner, you know that protecting your company and yourself is crucial. A Business Owner’s Policy (BOP) is one of the tools that make this possible.
However, not every BOP is the same. They usually cover only limited circumstances. As companies grow, they usually face new, changing risks. It is possible that as your business grows, you may need extra coverage to help with added risk.
Consider some of these added risks:
- Vehicles May Not Have Coverage – Even if you don’t have extensive vehicle usage in your company, you may need commercial auto coverage. This coverage comes on top of your normal business insurance. It can assure you that anything that occurs on the road will not impact your business. If you do have multiple vehicles in use for your business, fleet insurance is a good option.
- Equipment Breakdown Isn’t Usually Covered – Your business insurance may not cover you if you have equipment failure. However, equipment breakdowns are relatively common. Would this cause you a major financial burden? If so, additional coverage to protect your equipment may be a must.
- Think About Max Limits – With a small company, smaller maximum insurance payouts may be sufficient. BOPs, like most insurance policies, come with maximum levels. But, if your company has grown, that upper limit may not go about replacing your assets. Consider increasing your coverage limits or even investing in umbrella coverage. Umbrella coverage can help you cover new hazard scenarios or add monetary coverage to existing limits.
- Bigger Businesses Have Bigger Liabilities – The more your company grows, the more that could go wrong that you would be liable for it at fault. Make sure your liability amounts grow with the size of your company.
- Professional Liability is an Issue Too – Professional Liability insurance can protect you if you make a clerical mistake that harms a customer. This is the type of insurance carried by lawyers, accountants, and engineers, to name a few. It could be a good choice for other business owners too.
To assure there is no risk of outgrowing your policy, review your BOP with your agent yearly. On the surface, your policy may seem rather inclusive. However, it is easy to under-insure yourself. You won’t realize how risky this is until something devastating occurs.
We've got you covered. The Beckman Company can help you get the insurance coverage you need for your business. Call one of our experienced agents at (405) 842-2337 for a quote on a policy that is right for you.