Starting a business in Chicago, IL requires intricate planning, but Arial Insurance Group can help with one of the most important steps – your commercial insurance. Most businesses start with a business owners’ policy (BOP).
Why start with a BOP?
As its name suggests, a business owner’s policy provides serious protection for your business. It combines the coverage of four separate policies under one insurance policy and reduces the price of the premium in the process.
These four coverages provide the foundation of the coverage needed for any non-home-based business. The BOP includes coverage for:
- Property damage,
- Business interruption,
- General liability,
- Coverage for third-party items in storage.
You Can Add to the BOP
The BOP forms a foundation that the business owner can add to for a custom policy. If your storefront includes plate glass windows, you’d add glass insurance. If your business delivers orders by car or freight using its own fleet, you’d add commercial auto insurance and inland marine insurance. These examples only name a few possibilities.
More than 20 types of commercial insurance policies exist. Your business won’t need each one. Most businesses only need to add two or three other coverages to a BOP. A dentist, chiropractor, or physician would add malpractice insurance and workers’ compensation insurance. The latter would cover their office staff.
How do you know which policies you need?
You meet with Arial Insurance Group of Chicago, IL to determine which policies your business requires. We ask a set of questions that helps us determine which policies best suit your business which will differ from those of the business next door. The only commonalities might be the BOP and glass insurance.