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Business
insurance: How to put it all together
Once you've reviewed some of
the
coverages available to you and given some
thought to your particular business, its assets, and
possible threats to its legal and financial health, it's
time to think about how best to put all the pieces
together in the most comprehensive and cost effective
way.
If your headquarters is also
your home, you have special considerations in selecting
the right business package.For all other businesses,
there are basically 3 ways to buy insurance.
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1. |
Monoline
Coverage a single type of coverage (many people
ask for simply liability coverage, for example). |
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2. |
A Commercial Package
Policy (CPP) allows businesses to purchase
multiple lines of insurance. This concept was
developed to prevent gaps and overlaps in coverage
under individual policies. For example, General
Liability and Commercial Auto policies are designed
to integrate with each other. |
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3. |
A Business Owner's
Policy (BOP) is very similar to CPP. The
difference is that an insurance company will develop
their own policies that combine specific coverages.
A BOP is essentially a packaged insurance solution
for a specific type of business such as a general
contractor or a wholesaler. Unfortunately, BOPs do
not exist for every type of business, nor are they
for every type of business. |
What's the best solution for
your company? The experts at Griffin Insurance begin by
asking the right questions about your business to
determine the most comprehensive solution. Insurance
decisions don't end there however. Developing a
relationship with your agent is important as your
business grows and changes. Making sure your coverage
increases with the scale and exposures of your
organization is very important.
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