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Now, scratch the produce and fill your basket with property and liabilityinsurance products. This roughly translates to a BusinessOwnersPolicy (BOP), a bundle of coverages that address common risks facing small and medium-sized businesses. It’s a convenient, cost-effective, one-stop solution for SMBs.
Key policies to review and update include: Commercial Property Insurance to protect your new location against physical damage from fire, vandalism, theft, or natural disasters. Commercial LiabilityInsurance to protect against claims related to third-party injuries or property damage.
Additionally, consider the specific risks your business may face based on its location and industry. For example, if your business is situated in an area prone to flood, you may want to consider flood insurance as an additional coverage.
Here’s a quick look at some of the most common types: – Property Insurance: This protects the physical premises and equipment of your business against damage or loss due to events like fire, theft, or natural disasters. Bundle Your Policies One effective way to save money on commercial insurance is to bundle your policies.
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