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Business Owners Policy Insurance

If you have been looking for business insurance, then there are so many options to consider. Finding the best insurance option is what you want. Probably you may have heard of the Business Owners Policy and wondering what is in it.

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The good thing is that we have the BOP or the Business Owners Policy for the small businesses. The question is, is the BOP right for your business? An independent insurance agent is the best person to help you find good coverage for your needs.

What is business owner’s policy insurance?

BOP is a type of insurance that allows any business to combine several policies into a single package. Business Owner’s policy is mostly created for businesses that face similar risks and often appeal to SMEs. For larger businesses, they can purchase commercial BOP packages and later customizing it to fit their needs.

Why do you need a business owner’s policy?

Every business is always advised to have an insurance policy. However, some of them become very pricey, and sometimes a BOP is less costly than other individual policies. The other advantage is that if there happen to be damage to your property, employee’s theft, or other difficulties at your business that may cause any loss of incomes, the Business Owners Policy is the solution that will keep you from giving to close the doors because of expenses or losses related to such events.

Things that may affect your business if you do not have a Business Owners Policy Insurance:

  • Financial Challenges: Some of these risks that BOP covers can make your business go bankrupt. It is not as expensive as others, and therefore it is wise to consider getting the cover.
  • Law Suits: Legal issues are not just costly but also time-consuming. That is to means that a single accident can bring down your business easily.
  • Loss of stuff: The process of recovering the cost incurred through theft and broken equipment may easily turn your business into a serious challenge.

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What does the BOP cover?

A standard business is required to have a property and liability insurance. Depending on each type of risk, you must purchase these policies individually, or you are supposed to qualify for a Business Owners Policy. The policy provides most of this coverage under one package that makes it affordable for most businesses.

BOP coverage includes:

  • Property: The property will include the building and what it has.
  • Property Belonging to others: In case your business provides services on property like repair.
  • Business Interruptions: This coverage includes any lost income and the employees’ salaries after a disaster.
  • General Liability: This coverage shall protect you against any legal battles.
  • Employee Dishonesty: It happens when an employee steals money from you.

Other Coverage:

  • Machinery or mechanical difficulties
  • Store window replacement
  • Non owned or hired autos.
  • Any loss of valuable documents

What a Business Owners Policy Does Not Cover

You will also need to understand the liabilities that are not covered by the BOP. They are:

  • Auto Insurance
  • Professional Liability
  • Workers Compensation
  • Cyber risk Insurance
  • Health and disability compensation
  • Terrorism Insurance
  • Flood and Sewer

All the above risks have separate insurance policies, and it is always important to check out with your independent insurance agent.

Which businesses need a business owner’s policy?

BOP is for nearly every business. However, different types of businesses have lower risks and are much suited for the BOP. The insurance company shall determine businesses’ risk level basing on any claims history and other safety and health concern conditions. The lower the business risk, the lesser complicated risk that you may incur.

Below is a List of Businesses that are good for a Business Owners Policy:

  • Retail stores
  • Restaurants
  • Salons
  • Florists, Auto repair shops
  • Coffee shops
  • Caterers
  • Veterinarians
  • Pet Groomers
  • Professional Services

Who should not get a business owner’s policy?

The companies in high-risk sectors like mining, agriculture, healthcare, construction, gun shops, and computer stores would not be a good bet for the BOP. Companies operating under high risk or are in unique sectors should apply for specific insurance packages.

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A Business Owners Policy is also not good for businesses that need anything offered within their policy like professional liability insurance. Most businesses that require professional liability insurance include photographers, fitness trainers, and any business individual who runs the risk of being sued by clients for not producing enough products.

An independent insurance agent will help you determine whether the Business Owners Policy is suitable for your business.

How much does the BOP cost?

The coverage cost shall depend on the coverage limits and several other factors like location, size, and materials. In short, the safer the company, the lower the premium.
It is, therefore, important to consider seeking advice from an independent insurance agent. They are always independent and will always help you find the best insurance company for your needs.

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