What is a Business Owners Policy?
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.
You can tailor a BOP to your own unique business needs too. Compare that to the way you can adjust limits on a home policy to make sure you have enough coverage for personal property.
These package policies differ, but you can look for some typical coverage.
Coverage for property, like buildings, inventory, and equipment, is typcial.
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.
Coverage for liability in case a customer claims damage from an injury on your property.
Vehicles – This provides coverage for business vehicles, if they are owned or rented.
Sometimes a BOP may include specific coverage for a particular business, or you may need to purchase them on their own. A discussion with a qualified business agent or company will help you understand what your unique business needs, and what other similar companies in your area buy.
Why buy a BOP?
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.
Finding the Right BOP for your Small Business
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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