New Year New Post are you Home Based Business Ready?

Business Owners Package: Great Coverage, Premium Rates

Throwing off the shackles of Employee life and embracing the DIY of running a small home business can be an amazing thing; You get to set your own hours, you’re free to leave the workplace (home) whenever you please and you can (hopefully) make a lot more money.
But, as they say, with great power, comes great responsibility (or, in this case, with a home business, comes possible financial disaster).
Insurance is one of the most important things to have with any small business, home-based or otherwise, in case of problems or accidents, including:
·         Personal injury, stopping you from running your business
·         Theft or damage to equipment or property required to run your business
·         Damage to other people or property due to your service or products
·         Injury to your employees (if applicable)
As well as plenty of other potential business-related problems that can occur.
Once you start looking at having 5 or 6 different insurance policies, they can all add up to costing quite a bit; even if you shop around for the cheapest rates for different coverage, you will end up having to juggle tons of bills, account managers, and institutions, making your work harder than it needs to be.
So how do we get around these problems?

Introducing the BOP

A BOP, or Business Owners Package, is the solution!
It is, more or less, an insurance ‘package’ that caters to Small and Medium Business owners, including all of the essential policies every SME should have:
·         Property and equipment insurance
·         Business and personal income insurance
·         Advertising coverage (copyright infringement and slander)
Not only does this help roll all your policies into a single package and manager, the institution that provides the cover will normally provide you with a premium rate.
The basics of this package are outstanding; providing flexibility and cost-effectiveness into a single package that is simple to understand and manage.
But what if ‘the basics’ aren’t enough for your situation?

Bring on the Add-ons

Most institutions (mind you, not all) will allow you to customize your policies by adding extra coverage on top of the existing policy, helping to keep everything below cost and easily manageable.
Depending on your specific needs and industry, you may need to include certain policies, such as:
·         Errors & Omission insurance
·         Workers’ compensation
·         Health and disability insurance
·         Auto insurance for all work vehicles
While health and disability only cover you, by rolling them in with your existing BOP, you receive the great benefits that this product covers.

Final Thoughts

The easiest and cheapest way to ensure your business is to find an institution that can offer you a BOP.
The raw package deal can turn out to be much cheaper than buying them separately, it allows you to roll all your policies into a single package, making it easy to update and track your insurance, you can bundle other policies into your BOP as needed and all for a discounted price!
Look for an institution that gives you this option and there will never be any insurance issues.                                                                        Cell 610.453.1178


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