The Basics of Business Insurance: Business Owner's Policy
BUSINESS OWNER'S POLICY (BOP)
A Business Owner's Policy (BOP) is a package policy that combines several of the coverages a typical small to mid-sized business needs at premiums much less than if bought separately.
In general, most small to medium size business insurance needs are covered with a BOP apart from commercial auto insurance and worker's compensation. For firms that qualify for a BOP, not only is the business insurance coverage buying process simplified, but the premiums are lower and more affordable. Business Owner's Policies normally include Property coverage, general liability insurance and additional types of coverage. A BOP can also be tailored to fit the specific needs of any business that qualifies.
What's Included in a BOP?
1. Property insurance (covering buildings, equipment and inventory).
2. Business interruption insurance (covering losses that cause you to shut operations or reduce production for a time). Business interruption insurance can provide money to offset lost profits or to pay continuing expenses (typically for up to a year for insured losses).
3. Casualty or liability protection (covering harm done by the employees or products to other people or their property).
4. Crime insurance (covering loss of money or securities resulting from burglaries or robberies or destruction) as well as losses from employee theft or embezzlement.
5. Liability insurance covering lawsuits arising from accidents (as when someone trips and falls on your business’s property) or when you sell a product that damages the customer’s property or you are accused of offenses such as slander, copyright or invasion of privacy.
6. Vehicle coverage for rented or borrowed vehicles.
Do you qualify for a Business Owner's Policy?
Read more about the types of business insurance we can provide for your company.
Contact a Bryan Insurance Agent today if you need more information or would like a quote tailored to your specific requirements. Call our Moundsville office on 304.845.0121, or our Wheeling office on 304.233.5907 and let an experienced insurance professional discuss your insurance options with you. You can also look through our business insurance policies to see which one suits you best.