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A Cabinet Maker business owners policy is very beneficial protection for your company because it provides you with general liability coverage and extends coverage to protect your company from the expenses involved with losing business assets. Tangible assets such as your cabinet shop machinery and tools are expensive to repair or replace if they are damaged or destroyed due to events beyond your control. Without this coverage, one major weather event could be quite costly because you would have to pay for replacing office furniture, computers, and valuable paperwork such as your accounts receivable. Even a simple equipment breakdown is costly in both repair costs and loss of production due to downtime.
A business owners policy (BOP) for cabinet makers helps protect your company from general liability risks and losses that directly affect your company’s physical and tangible assets. Because of the physical property protection, it’s a very useful way to protect your company against the costs associated with losing important tangible business assets that might not otherwise be covered. A BOP is quite helpful in that you can customize the coverage so that it specifically meets the needs of your business.
All of the benefits, coverages and protections listed for general liability insurance coverage are automatically included in the business owners insurance policy. Protection includes:
Personal property protection is coverage in the cabinet makers business owners policy that pays for damages that may occur to assets at your place of business. It protects your office furniture for example, such as desks and computers, and related furnishings such as tables you may have in a customer waiting area. This coverage includes protection for damages to and losses of inventory, hand tools, maintenance materials and similar assets used to operate your company.
If you experience damages or losses to your cabinet shop or the public office area, your replacement or repair costs can be enormous. The building and structures coverage in your business owners policy protects you from those losses, as well as protecting you from potential loss of any improvements you’ve made, and your machinery and equipment.
Sometimes an event occurs that forces you to close your cabinetry shop or sales offices. When you must close due to ice storms, tornados or other disasters and events out of your control, the cabinet maker property and tools insurance coverage provides for income and expenses while the business is closed.
Your office houses valuable paperwork that is imperative for your business to continue operations. Supply contracts, invoices, receipts, client contacts and more are likely on file in paper form. The cabinet makers BOP protects you from the losses your company may incur if those critical documents are damaged or ruined.
Despite your best efforts, there is always a risk that your company may encounter claims of employee dishonesty. When clients believe your employee did something wrong that brought them harm, they will hold your company responsible for the event. A cabinet maker business owners policy protects you legally and financially when these unfortunate events occur.