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What a Robust Real Estate BOP Needs
Posted on: October 27, 2015 by Newmark Insurance
As most owners are aware, operating a real estate business comes with inherent risks. To protect against an assortment of potential liabilities, a Real Estate Business Package Policy can help to provide a safety cushion and protect against litigation, loss of business, lost revenue, and more.
A Business Owners Package (BOP) includes various broad coverages that can be tailored to meet your firm’s specific needs. Below are some common coverages that should be included in your policy to ensure safe practices and provide peace of mind.
Commercial Property- This basic component provides protection for the company building and its contents. In the event the property is damaged or stolen, this component will provide financial reimbursement. Depending on the level of coverage, this policy can range from basic to comprehensive. To ensure your business’ risk exposures are properly covered, consult with your local insurance professional.
General Liability- This broad coverage seeks to mitigate any legal responsibility your company might suffer as a result of causing harm to others. According to the Insurance Information Institute, this harm is a result of thing that you and your employees do or fail to do in your business operations that may cause bodily injury or property damage due to defective products, faulty installations, and errors in services provided.
Business Interruption- This component is there to assist you in the unfortunate event your business is forced to shut down as a result of a catastrophe or a natural disaster. The loss of income and the incurred expenses you could potentially face from operating out of a remote location would be covered under this policy.
Other policies that might be critical to your business such as cyber liability, commercial auto, and workers’ compensation are not included in BOP’s. However, at NewMark Insurance Services, we offer comprehensive business lines to ensure your company’s protection and success. We’ll put our experience to work for you and navigate your business’ provisions and risks to provide you with a policy that’s best suited for your needs. To learn more, we invite you to contact our experts today at (855) 777-6549.