Before launching a new business, it’s necessary to have a budget -- and there are lots of items that have to be included in the budget. Legal fees, marketing costs, facility costs and equipment costs are just a few of the expenses that most new companies should include in their budgets. Another expense that ought to be included, but is sometimes forgotten, is the premiums for a business owners policy (BOP) with general liability and property insurance coverage. If you’re starting a new company in Cold Spring, New York here’s why you should include premiums for a BOP that has general liability and property coverage in your budget, along with how to find out what the premiums might be.
Include a BOP with General Liability Insurance in Your Budget When Starting a New Company
Your Company Probably Needs a BOP with General Liability Insurance Coverage
Regardless of what type of company you’re starting, it’ll likely need a BOP that has general liability and property insurance coverage. Almost all companies need general liability coverage, as it provides broad protection against an array of potential risks that businesses can face. Even though general liability coverage isn’t only available through a BOP, most new businesses purchase it through a BOP because these policies combine general liability coverage with other important coverages, such as property coverage and business interruption coverage. (These are examples of coverages that may be included in a BOP. Exact coverages vary from BOP to BOP).
Even if you’re working with limited startup capital, you should still consider purchasing a BOP that for your new business. It may be tempting to forgo purchasing insurance so you have more capital to work with, but not getting adequate coverage can leave your business dangerously exposed to risks. Keep in mind just about any contract will require insurance, whether it is a lease agreement for renting space or getting equipment for yor business.
Thus, you should include the premiums for a BOP in your budgets and projections from the day you begin planning your new business’ finances. If you don’t include these premiums into your financial forecasts and reports, they’ll be inaccurate. At the very least, you’ll have to spend time adjusting the reports later. You may even have to alter your company’s earnings projections or pricing strategy to compensate for the overlooked expense.
You Can Easily Get a Quote Easily by Talking with a Cold Spring Insurance Agent
Thankfully, it’s easy to find out how much a BOP with liability and property coverage for your new business might cost. All you have to do is get a quote. Obtaining a quote for a BOP is sometimes a little more involved than getting a quote for auto insurance, because a BOP includes several different types of coverage. An insurance agent who specializes in commercial insurance policies and serves Cold Spring, NY can guide you through the whole process of getting a quote, though -- and it won’t take too long.
To get a quote on a BOP that has general liability and property insurance, contact an agent who serves businesses in Cold Spring, NY today. Even if you don’t have time to get a complete quote right now, sending an initial email inquiry takes just a minute or two. The agent can make a note and follow up with you when you have more time, and their follow-up can help you remember to get a quote so you don’t overlook this important business expense.