Here at Burstad Insurance, we work with clients out of our offices in Chippewa Falls, New Richmond, Medford, River Falls, and Menomonie, WI. Sadly, some local clients contact us after they’ve already learned the hard way that they purchased inadequate protection elsewhere.
For example, a typical business owner’s policy, or BOP, may have offered small and low-risk companies a simple way to buy affordable protection. That’s the sort of package deal we would start off with for many small business clients. These kinds of businesses might include retail shops, beauty salons, landscapers, cafes, residential construction, and even home businesses.
The problem is that some of our new business clients learned that the policy they purchased did not offer enough coverage — only after they suffered losses. Do you know if you have adequately covered your business from potential threats?
When Isn’t a BOP Enough?
A BOP packages standard insurance policies that most small businesses need. This begins with commercial property and general liability. A BOP might also include such other coverage as business interruption insurance.
These days, some insurers have begun including a lot more options to change the typical BOP to a more flexible product. For example, you might even have the option to include cyber insurance or workers compensation. By packaging various kinds of coverage in one policy, you may benefit from bundling discounts and the simplicity of dealing with one carrier when you have to make a claim. If you purchased a typical BOP a few years ago, you might explore some of these new, more flexible deals.
Even so, you may not have enough protection with just a BOP. For instance:
- We tend to experience floods in Wisconsin from snowmelt, thunderstorms, and even winter ice. You buy flood insurance from private carriers, but it’s also through the National Flood Insurance Program. If you only have the commercial property insurance included in a BOP, you won’t have flood insurance.
- If you have customers who could claim that they suffered injuries or damages because of your professional advice, you also need professional liability insurance. For medical professionals, this is usually called malpractice. For financial professionals, it’s called errors and omissions. The general liability insurance that’s included in your BOP does not cover these sorts of claims.
- Does your business rely upon vehicles? Commercial car insurance will cover vehicles your business owns. However, if you rely upon personal or leased vehicles, you may need to add specific coverage for that situation too.
- If your business takes any unusual risks, a BOP may not even be the right insurance product for you. You might need to select different kinds of coverage to make sure you’re adequately protected.
- These days, one accident could cause an injury that may result in claims that exceed typical liability policies. An umbrella policy is usually an affordable way to make sure you’re protected after your other liability policies have been exhausted.
Here at Burstead Insurance, we want to learn about your Wisconsin business in order to assess risks in light of your current coverage. After that, we can use our connections with high-quality insurers to save you money on better protection. Learn about our commercial insurance services and contact our most convenient location. Don’t wait until after you’re business has suffered damage to find out you don’t have the right coverage.