Here are some of the reasons why contractors can benefit from having a business owners policy (BOP).
As an artisan contractor, your business has specific needs that standard insurance policies may not be able to meet. Luckily, there are some coverage options that can work for your company. For instance, many contractors secure a business owners policy (BOP) for an efficient and effective solution to their coverage needs. Here are some of the reasons why a BOP might be right for your company.
It Combines Coverages
A BOP is a great option for many contractors because it combines property and liability coverage into one, easy to manage policy. For instance, your BOP will offer coverage for the real estate and the property under your company’s ownership. Additionally, your BOP will also offer general liability coverage. This portion of your BOP will offer your business financial protection in the event that it is deemed liable for third-party injuries, damages, and other losses.
Coverage is Flexible
Not only is a BOP an efficient way to secure the most basic commercial coverages, but it also offers policy owners a certain degree of coverage flexibility. For instance, you have the option to adjust the coverage limits on your property and general liability coverages to ensure you have the right coverage to meet your company’s needs. For instance, as a contractor, you probably have certain pieces of equipment that travel with you to job sites. Normally, mobile equipment is not covered under standard commercial property insurance. However, contractors that have coverage with a BOP can add a rider onto their policy that offers coverage for traveling equipment.
You Can Access Additional Coverages
While a standard BOP only offers commercial property and general liability coverages, many insurers offer the opportunity to tack on additional coverage options to a BOP. For instance, many BOP owners can add commercial auto, cyber liability, and business interruption insurance to their policies to secure even more comprehensive coverage for their company.
These are some of the reasons why you should secure a business owners policy (BOP) as an artisan contractor. Looking to secure this type of policy for your business? Then contact the experts at Artisan Insurance Solutions. We are ready to get you the coverage you need today.