If your music store is classified as ‘low-risk’, you may be eligible for bundled property and general liability insurance coverage. This is a specialized, affordable, policy known as a Business Owner’s Policy, or BOP.
A BOP may also offer business interruption coverage in select cases. This coverage helps reimburse some of the expenses, and lost income, you may incur if you must close your store temporarily because of necessary repairs, or a covered loss to your business.
The general liability insurance coverage included in a BOP protects you financially by helping you cover expenses related to lawsuits and claims of property damage, injury, theft, and accidents. Such cases tend to be very stressful and costly, even if your business is ultimately not found liable.
The property coverage included in your BOP protects your business against loss or damage incurred to your property. It also protects property in your care, control, or custody, even if it belongs to your clients, associates, or others. In the event that your covered property is lost, damaged, or stolen, your BOP policy provides funds at the property’s replacement value, rather than its depreciated value.
With a BOP in place, you can protect your business and recover from accidents easily, so you can get back to work faster.