BOP (Business Owners Policies) – Is It Right for Your Business Insurance?
BOP (Business Owners Policies) Explained
It is actually easy to understand business owners policies (BOP). Compare them to personal homeowners insurance policies. A home policy covers property, buildings, and liability. It actually packages different types of coverage into one policy, and only one premium must be paid every month.
Even though typical business owners policies contain standard types of coverage, they can be adjusted to meet the specific needs of the particular company they are written for.
Companies market different basic packages, but a typical policy will include some basics.
You can get your equipment, inventory, supplies, and equipmet covered in a typical property section.
Consider your liability needs. Your business may need professional liability or protection against a claim that an employee has caused damage to a customer.
Theft Protection – This protects you against any crimes from employees, or theft from outside parties.
Liablity protection covers your business in case somebody claims they were hurt on your property.
Business Cars – Protect your company vehicles.
As we wrote above, sometimes you can create a custom BOP for your unique needs. You may, in some cases, also need to purchase additional policies. You should be able to consult with an agent or insurer to make sure you can purchase adequate policies at a bottom line friendly price.
Why Do Small Businesses Buy Business Owners Policies
It is just simpler to combine coverage, rather than have to keep up with several policies. Many small businesses choose to buy a package like this.
Some examples of small companies who are interested in a package deal would be dentists office, beauty salons, stores in strip shopping malls, and sandwhich shops. Some home business owners who have outgrown their personal homeowners policy also turn to one.
How to Find Business Insurance
In the old days, all a busy business owner could do would be to call around and set appointments with multiple insurance agents to find local coverage. These days, online quotes and forms can speed up the process.
Find Business Owners Policies where you live and work with our safe business owners policy quote.
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