There are advantages and disadvantages to purchasing a Business Owners Policy (BOP) for your Flowood, MS business. At Insurance Protection Specialists, we want to help you create a policy that gives you the protection you need without paying for coverage you don’t need.

What Is a BOP?

A Business Owners Policy combines commercial liability and property insurance. A BOP protects your buildings and equipment in case of fire, theft, or other named events. You are also protected if, for instance, someone is injured on your property and files a claim against the company. Generally speaking, a BOP is great for someone with a physical location and equipment.

Advantages Of Having a BOP

• It would be best if you had liability and property insurance anyway.
• By combining multiple kinds of insurance, you can get a discount.
• When your insurance policies are combined, it may be easier to coordinate claims and policy renewals. You can have one agent who acts as a single point of contact, which can also help you feel more comfortable with your insurance.
• Your insurance company will allow you to add other kinds of protection as you need them, such as professional liability and commercial auto insurance.

Disadvantages Of Having a BOP

• You may be one of the rare businesses for which a BOP offers too much coverage. For instance, your business may not have property and equipment to insure.
• A BOP might be too generic to meet your needs.

When you are in charge of a business, you are responsible for ensuring you have the protection you need at a price you can afford. If you have any questions about commercial insurance for your Flowood, MS small business, please call Insurance Protection Specialists today.

But is commercial insurance required for every type of business? The answer depends in part on the size and structure of your business.

Our Flowood, MS team at Insurance Protection Specialists looks at some of the factors that can determine whether or not you need commercial insurance. 

Do You Need Commercial Insurance?

Types of Business Structures 

The type of business structure you choose will influence whether or not commercial insurance is required. For instance, if you decide to set up your business as an LLC (Limited Liability Company), then you will likely be required to carry certain types of liability insurance such as general liability and professional liability. The same applies to corporations, partnerships, and sole proprietorships. Each type of organization has its own requirements when it comes to insurance coverage. 

Business Size 

Another factor that will determine whether or not you need commercial insurance is the size of your business. If you have fewer than 10 employees and your annual revenues are under $1 million per year, then chances are that you won’t need any special types of commercial insurance policies beyond basic general liability coverage.

However, suppose your business has more than ten employees or makes over $1 million annually. In that case, it might be wise for you to look into purchasing additional types of coverage such as workers’ compensation or property damage policies. This way, you can ensure that your assets and personnel are protected in case something goes wrong during the course of normal operations. 

Give Us A Call

Ultimately, there is no one-size-fits-all answer when it comes to determining whether or not a business needs commercial insurance in Flowood, MS. Contact Insurance Protection Specialists today – we can help you figure out the best commercial insurance options for today and the future.

Are you a business owner in or around Flowood, MS? If so, the Insurance Protection Specialists can provide commercial insurance to protect your business.

Protect Your Livelihood with Commercial Insurance

The major part of business operations is protecting it from devastating financial loss. Being adequately prepared for an event like this can mean the difference between survival and shutdown. The best preventive measure is a commercial insurance policy.

Small businesses need to be prepared for a customer falling, damage to computers because of a leaky overhead pipe, or accidents involving company vehicles.

Here are some examples of the type of coverage available:

Workers’ compensation insurance protects a business if an employee is hurt, contracts a serious illness, or dies due to an accident on the job. It can cover legal fees, medical expenses, and lost wages if the employee is unable to work.

Professional liability insurance could protect you from the cost of legal fees and damages if a claim is made that your professional service caused them or their business financial harm. Coverage includes mistakes on the part of the company and failure to perform a service. This type of coverage is necessary if your business provides professional advice, offers a service, or has contractual requirements for the coverage.

General liability insurance is important because contractors and landlords many times require a policy before they hire you. It covers legal costs and damages that result from injury claims made by customers and other people you don’t employ. It covers slander, libel, and copyright infringement.

Business owner’s insurance is commonly referred to as a business owner’s policy or BOP. It combines coverage for your business’s property and general liability insurance. You will have protection for your building, any space you lease, and property needed for the operation of your business. You will also receive coverage for business interruption. It will replace lost income and other costs related to getting the business up and running.

Give Us A Call

Insurance Protection Specialists in Flowood, MS can provide a quote or answer any questions you have. Contact us today.

You’ve worked so hard to establish a business in the Flowood, MS area – the best thing you can do as a business owner is to ensure your hard work is protected. You need a high-quality commercial insurance plan, period. 

Insurance Protection Specialists are experts in the field of commercial insurance. We’re here to answer your questions about coverage options and which insurance plan will work best for your business. 

Commercial insurance plans allow business owners to get back to what they should be doing – running the show.

With commercial insurance, you’re not worried about any financial issues that may come from lawsuits. You don’t have to worry about dangerous weather damaging your property or inventory. If it does, your insurance policy will likely take care of it. 

Additionally, commercial insurance helps business owners scale up and plan for growth. With coverage options that are designed to grow with you, you are able to plan for a bright, successful future without worrying about whether your policy will cover that growth.

There is a certain amount of risk that comes with running a business – no reason to be shy about it. It’s what most people know when they start a business, but it’s not enough reason to not pursue your dreams. You just need a trusted insurance agency that can help you plan ahead, help you to mitigate risks, protect your inventory and employees, and think about the future as you grow. 

Insurance Protection Specialists are happy to help business owners in the Flowood, MS area with any commercial insurance needs. We’ve got experts in the field that can help you build a suitable plan for your business goals. Contact us today!  

Are you looking for stability in your business? You are not alone. Many people are looking to insurance as a way to ensure that they have the utmost stability possible to protect their business. Commercial insurance is one way to help with this.

Insurance Protection Specialists understand the needs of business owners in Flowood, MS. Here’s how your commercial insurance policy can make your business more stable.

Commercial Insurance Assists With Steady Growth

One of the best things about your commercial insurance policy is that you can plan for your business to grow. You can consider your goals and the trajectory of your business as you speak with an insurance agent about your policy and coverage needs.

Commercial Insurance Helps You Plan for the Future

With your insurance policy, you can also make plans for changes. You do not have to keep the same policy for years to come. In fact, you can get a new policy with each change your business makes.

Commercial Insurance Helps With Workers’ Compensation

When you have a commercial insurance policy, you should also examine your workers’ compensation coverage as well. This will protect you if one of your employees is injured on the job.

Commercial Insurance Protects Your Assets

Finally, remember that your insurance protects you as the owner of the business. If somebody is injured at your business or as a result of a product you sell, your insurance can protect you from monetary damages.

Get Commercial Insurance Today

Are you trying to find the right commercial insurance policy for your Flowood, MS business? Insurance Protection Specialists can help. Contact our office to learn more about your options to protect your business.

Operating your own business is a challenging task. It is also one of the most expensive investments in your life that will need special protection. The best way to protect your business, yourself as a business owner, and your employees are by getting a commercial insurance policy. However, choosing the right commercial insurance policy is not easy, especially when there are so many myths about it.  Here is a list of the most common misconceptions about life insurance prepared by Insurance Protection Specialists serving Flowood, MS:

Myth 1: Yo do not need commercial insurance for your home-based business

If you work from home and your office is in your house’s basement, it does not mean that you do not need business insurance to protect it. Your home as a building and all your personal belongings are covered by standard home insurance, but everything about your home-based business needs additional protection. 

Myth 2: A small business does not need commercial insurance

Your commercial insurance should not be based on your company’s size or the number of employees – it should be based on your exposure to risk. There are many different types of risks that you may face. It could be fire, theft, vandalism, etc. Every business, regardless of its size, is exposed to risks. Therefore, it is important to protect it with the help of insurance. 

Myth 3: General liability insurance covers everything

Many business owners see the word "general" and think it is a synonym for "everything." However, the truth is that general liability is the basic insurance that covers only a limited amount of risks. 

Now you know some of the most common myths about commercial insurance and will be able to make an informed decision by choosing the right policy. If you live in Flowood, MS, or any other surrounding town, do not hesitate to contact Insurance Protection Specialists. We will answer all your questions and help you find insurance based on your insurance needs and budget. 

As a business owner, you probably want well-experienced contacts available to help you as your company expands or offers additional services. Insurance Protection Specialists helps businesses with commercial insurance. Our insurance agency in Flowood, MS works with business owners through the planning process for coverage. Business owners can enjoy smart growth with the right planning. Our agents can discuss how commercial insurance can help with new hires, workers’ compensation, property insurance, business asset protection, and many other areas of business management with commercial insurance. You can contact our agency for more information and to discuss options for coverage.

With a smart focus on expansion efforts, successful companies often find ways to provide the best services or products. Customer satisfaction is vital for building a business and better managing a company’s growth. Working effectively with customers can help build a sales pipeline and improve word of mouth marketing efforts. This type of effective growth is scalable with services and products offered by a company. Planning for commercial insurance can be made simpler with a reliable staff that is ready to help you through your growth and expansion. 

Our town is proud of its thriving businesses. The owners of these companies are important to the community, and the residents are thankful for the additional services and products available. Promotions and marketing are also helpful for those wanting to know more about the types of businesses in the area. Insurance Protection Specialists in Flowood, MS can answer your questions about commercial insurance planning with your company growth. You can visit our office or give our agency a call today to discuss more about your business success or a new start-up company and how it can benefit from a policy. Let us help you get started with a quote.