Supplementing Your BOP

Supplementing Your BOP

As a business owner, you are likely concerned with safeguarding your business against financial loss. Your basic business insurance package covers a lot of potential losses, but there may be special risks involved in your particular business plan. You may need the help of specialty insurance providers to make sure you are fully covered.

Special Risks

The types of insurance that cover unique risks are as varied as the companies that need special coverage. According to www.programbusiness.com, there are many examples of factors that may necessitate a specialty policy:

  • Event planning
  • Entertainment or sporting venues
  • Alcohol sales
  • Company travel
  • Cargo transport

Your business owner’s policy probably only covers generalized issues that are common across most business types. In order to discern if your company is fully covered for anything that could go wrong, you need to assess your needs.

Need Assessment

When you review your policies with your insurance representative, look for gaps in the protection they offer. Take an inventory of all the areas where your business is potentially vulnerable to lose. Seek out specialty insurance that protects you in those areas.

Every business is unique and thus has insurance needs that are specific to the risks it takes. By understanding the gaps in your current coverage, you are better equipped to seek out the specialty insurance providers that can offer better protection.

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