Success comes with a price. The more business you’re doing, the more it’s going to cost to do business. Maybe that’s why so many small business owners aren’t interested in growing beyond a few employees in a small shop, maybe that’s why there are software developers making enough money to buy some office space, but prefer to run the business out of their garage. Ambition, empire building, it comes with its share of headaches.
Insurance is one of those areas where the law is going to put a completely different set of rules on you depending on how much business you’re doing, and commercial printers insurance is no exception. If you’re a small business owner looking to expand, something you may want to consider is your BOP.
BOP’s are for small businesses only. A BOP or Business Operator’s Policy is basically a simple, all-in-one general liability and property insurance policy. It simplifies the process for business owners who would rather let the insurance run on autopilot. It is available to businesses with fewer than 100 employees, running their business out of a smaller workspace, and who don’t need to buy more than a year of coverage at a time.
When you expand your business, you expand your risk. More employees means more people who could become injured, and people who are, let’s face it, more likely to sue if they feel that your worker’s compensation policy is not adequate. You’re not likely to face civil charges when you’re only employing your immediate family and a couple of friends, but the risks are compounded when you’re staffing a full company. The laws regarding insurance take that into account.
If your business is growing, then you may need to look into expanding your policies regarding slander and libel, as well. As you start taking on larger projects, you’re taking on greater risk of upsetting the wrong people with what you print. First amendment laws can protect printers to an extent, and your clients are most likely to take the brunt of the heat should charges be filed. However, an important rule of thumb in all litigious matters is that they’re going to target whoever has the most money and resources with which to pay out. That’s not a major concern if it’s you and a small staff running your press out of a studio, but it can be when you start leasing an old warehouse and hiring enough people to fill it.
If you want to establish yourself as a major brand in printing,