Have you heard of a business owners package insurance? It’s when insurance companies package several types of coverage together that are frequently needed by a business owner in a particular industry. Package policies can serve three purposes. They expand the coverage for risks specific types of small business owners may face. they make things easier and they usually result in a discount on your insurance cost.
This coverage often makes even more sense if you have employees. Small businesses that up to 100 employees and generate revenues around $5 million or less annually are the best candidates for package insurance policies.
Additional coverages that you may bundle with BOP are the following:
1) Damage to Property
This insurance covers rented or owned property in case something damages it. It includes garages, workshops, warehouses, storage facilities and office buildings. Commercial vehicles are not included under coverage here.
2) Income of Business
It provides protection for the loss of revenue in case a covered loss interrupts your business. It has coverage for operating expenses and profits up to 12 months.
3) Commercial Vehicle
This coverage provides insurance for specialized trucks, vans, trucks cars or any vehicles that people use for business.
There are many other types of standard coverages offered in packaged insurance policies depending on the industry your business is in. It’s best to work with an agent who specializes in insurance coverage for small businesses.
At the Wellcovered Insurance Group we take pride in making sure our business clients are well protected at prices they can afford. To learn more about how we can help you please contact our agency at (386) 218-4951 or Click Here to request a free quote.