Business Owner Policy insurance

What Is It And Why Do I Need It?

Owning a business comes with risks, and having the right Business Owners Insurance Policy (BOP) is essential to protecting your assets, employees, and financial future. But with so many coverage options available, how can you be sure you’re getting the right protection at the best possible price?

At JMD, our experienced team members specialize in finding the ideal coverage for your business at a competitive rate. Whether you run a small retail shop, a professional office, or a growing enterprise, we tailor policies to fit your unique needs.

We Consider

• Key factors that impact your rates – Your industry, business size, location, number of employees, revenue, and claims history all play a role in determining the cost of coverage.
• Business growth and life events – Expanding your operations, hiring employees, purchasing new equipment, or moving to a larger space may require adjustments to your policy to ensure full protection.
• Types of coverage included in a BOP – A Business Owners Policy typically bundles essential coverages, such as:
• Property Insurance – Covers your business building, equipment, inventory, and furniture from damage or loss.
• General Liability Insurance – Protects your business from claims related to third-party injuries, property damage, and legal expenses.
• Business Interruption Insurance – Helps cover lost income and expenses if your business is temporarily shut down due to a covered event.
• Optional Coverages – Depending on your industry, you may need additional protection, such as cyber liability, professional liability, or commercial auto coverage.

Balancing Premiums and Deductibles

Once we determine the best coverage and carrier for your business, we’ll then help you choose the most cost-effective balance between premiums and deductibles.

• Higher deductible plans typically come with lower monthly premiums, making them a cost-effective choice for businesses that can afford to pay more out-of-pocket in the event of a claim.
• Lower deductible plans offer higher monthly premiums but reduce the financial burden if a claim arises, making them ideal for businesses that prefer more predictable costs.

Choosing the right coverage is crucial for the long-term security of your business. Contact the team at JMD today to discuss your Business Owners Insurance Policy and find the best protection for your company!

For more on premiums and deductibles visit our FAQ page.