What is a Business Owners Policy?
Do you carry a home insurance policy? A BOP is actually simlar. Just as your homeowners covers your home, but also your personal home contents and liability, a business owners policy provides a package deal for multiple types of insurance. It is a simpler way to buy a policy to cover a small business than if you purchased each policy.
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.
These package policies differ, but you can look for some typical coverage.
Property Insurance - This is coverage for your buildings, inventory, and equipment.
Consider your liability needs. Your business may need professional liability or protection against a claim that an employee has caused damage to a customer.
Protect your business against theft. This could include burglaries, or even inside theft from employees.
Liability Insurance - You will be covered for specific liabilities, like a claim that a customer was injured on your property.
Vehicles - This provides coverage for business vehicles, if they are owned or rented.
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 is the BOP a Popular Choice for Small Business?
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.
Medical professionals, store owners, and service pepole are attracted to business owners policies. These days, many home business owners are turning to these simpler ways of covering their inventory, supplies, and liability.
Look For a BOP
You can call around to get competitive quotes, or you can find some online business insurance quote forms that can save you a lot of time and money.
Find Business Owners Policies in your local area with our free safe business owners policy quote.
Tags: business, business insurance, business owners policy, finance, insurance, liability insurance, property insurance, small business