Are you a small business operating in L.A. on a budget while you do your best to keep the business growing and becoming profitable? You realize that the success of your business depends on the your hard work as well as that of your team. While many small businesses don’t make it, the ones that do work hard to receive recognition and make good decisions that can determine just how successful they’ll be.
This requires purchasing coverages from Los Angeles insurance companies for the many risks and exposures you can face daily. Every business is different and has different concerns. But commonly, owners understand that one disaster can wipe out all of their efforts and reduce profits to ash. In order to avoid this scenario you need to insure your business properly; whether you’re running a small enterprise or a large corporation.
Consider the option of purchasing a business owners policy
Most insurers can provide policies that combine protection for all major property and liability risks into one package. While you can opt for separate coverage these packages will often save you money. The policy is called a Business Owners Policy, or BOP for short. Larger companies tend to purchase something more specialized called a commercial package policy. This extends the range of coverage options for more detailed exposures.
BOP’s primarily include property insurance for buildings and equipment owned by the company. If there is any loss of income due to disruption of your operations and daily business due to accidents involving fire or other hazardous conditions, this can be covered by adding business interruption (BI) insurance to your package.
A BOP also covers your company’s legal responsibility for any harm that it may cause to others, such as bodily injury or property damage, as a result of a claim that your company acted negligently. You must purchase coverage for professional liability issues, workers compensation and commercial auto separate from a BOP, along with some other business lines.
Small business owners who qualify for a business owners policy often benefit by getting additional lines of insurance coverage at a better overall price. In most cases, the cost of a business owner’s policy from most Los Angeles insurance companies is only slightly higher than stand alone general liability insurance. Shop for the best rates on your coverage.