Business Owners Package
A business owners insurance package (BOP) includes some of the most commonly needed insurance products for businesses today. By bundling commercial insurance policies in a package, businesses can be protected against lawsuits, thefts, fires, and more.
Insurance Center of North Jersey is committed to providing you with the widest selection of high quality, low cost business insurance products so that you can create a total package of insurance coverage uniquely suited to the specific needs of your business, rather than a one-size-fits-all businesses package that isn’t optimal for all businesses.
What Should Your Business Owners Insurance Package Include?
There are some standard types of insurance coverages that are fairly common to all business needs. These are included in most business owner’s policies (BOPs). If you are considering a business insurance package that does not include all of these, you should consider working with one of our independent insurance agents in New Jersey order to ensure you have an adequate amount of coverage for your comfort and business needs.
Business Liability Coverage – Look for broad coverage and high dollar amounts. This is not the coverage you want to cut corners on. Every dollar of liability coverage your business has is an added layer of protection for your personal and business assets.
Loss of Business Income – When business operations must be suspended due to covered losses, this insurance is vital for protecting your income and ability to pay vendors, leases, utilities, payroll, and more.
Business Property Insurance – This important coverage protects the property your business owns or rents from covered damages as well as outdoor fixtures, buildings in progress, and additions to your buildings.
Personal Business Property – This coverage extends to inventory, computer and electronic equipment, supplies, raw materials, and more.
Employment Practices Liability Insurance (EPLI) – This particular insurance coverage covers a lot of ground. From failure to promote or hire to wrongful termination, hostile work environment, and many points in between. Even if you’re eventually found to be innocent of any wrongdoing, the legal battle, as well as the trial by court of public opinion, can easily cripple a small business. This insurance helps with the costs of legal expenses as well as damages awarded or settlements that may be reached.
Data Breach Insurance/Cyber Liability Insurance – Data is a growing concern for business owners today. As businesses begin to rely more and more often on technology for the day-to-day operations of business, they become more vulnerable to hacking attacks and data breaches – and the liability issues that go along with them.
Those are the most common types of coverage. This list is hardly all-encompassing, though. There are other types of insurance your business may need in order to have adequate coverage such as the following.
- Product Recall Insurance
- Food Spoilage Insurance
- Business Auto Insurance
- Errors and Omissions Insurance/Professional Liability Insurance
- Workers Compensation Insurance
- Umbrella Insurance Coverage
The benefits of choosing a business insurance package is that it often offers standard business insurance needs at a package, or bundled, cost. This saves business owners money on their primary needs and allows them to add other coverage types to their policies as needed.
Why Choose Insurance Center of North Jersey?
During our 80 year history of service to the city of Maywood and the state of New Jersey, we’ve learned a thing or two about what businesses need from insurance products and an insurance company.
Not only are we an independent agency, allowing us the freedom to compare plans and prices in order to present you with the best plan for your business at a price that’s sure to please, but we’re also members of the community we serve.