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Business Owner Policy Insurance
BOP Business Owner Policy Insurance
SmallBusinessLiability.com is one of the internet’s leading providers for insurance solutions for small businesses. One of our top selling products is Low Cost Business Owners Policy Coverage or BOP for short. Spend a few minutes reviewing the information below and request a free quote online or over the phone for your small business insurance. So let us continue on.
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We will find the best coverage at the best price for your specific business and needs.
What Is a Business Owner’s Policy (BOP Insurance)?
If you own a small business, an Affordable Business Owner’s Policy, or BOP may be right for your business. This type of policy bundles a number of different types of insurance that are normally sold separately.
The policy protects you from general liability claims and lawsuits by third parties for injury or damage caused as a result of your business activities.It provides protection for your buildings, equipment and inventory at your physical location should they be lost, damaged or destroyed.
It can also provide you with income and pay rent if your business has to close down or is interrupted from a covered loss. All this coverage is available in one convenient package and can be quoted with just a few clicks.
What Does a BOP Cover?
Most Business owners insurance policies cover the following:
- Loss or Damage: To business property or business equipment by a covered peril.You will have insurance coverage for your commercial property.
- General Liability Insurance: To cover injuries to third parties property or person. Property damage and bodily injury resulting from a customer injury. This also includes legal fees, legal costs and defense costs resulting from any personal injury.
- Business Interruption Insurance: Or Business income insurance. Loss of business income as a result of a covered event.
- Products Liability Claims: Some policies may offer coverage for product related claims.
These are the most basic coverages most small business owners need. Most insurance companies offer these basic coverages in their BOP Insurance policies. There are also a number of additional coverage options you can choose from like loss of business property such as inventory due to spoilage, crime coverage, fidelity coverage and forgery.
What a Business Owner’s Policy Does not Cover?
There are a number of things that BOP Insurance policy does not cover, what is covered by the insurance company issuing the policy, but the following items are not covered by business owner’s policy insurance
- Injuries to employees: Injuries to employees are not covered by a business liability insurance policy. In almost all States if you have employees you are required by law to have workers compensation insurance.
- Claims Related to Professional Liability: If you offer professional services you would need a seperate professional liability insurance policy or Errors and Omissions insurance.
- Claims Related to the use of Motorized Business Vehicles: To get this type of coverage you need commercial Auto insurance and medical bills that result from vehicle accidents.
- Health and Disability: Health and disability medical expenses are not covered.
- Cyber Liability: Cyber liability insurance or costs associated with a data breach
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How Much Does a Business Owner’s Policy Cost?
Insurance companies determine a BOP Cost using the following factors before they extend coverage:
- The Type of Industry you are In. The insurance company will base their insurance rates on how much risk your business operations entails.
- Property insurance Coverage If you have a high value commercial property and a large amount of business equipment or business furniture you will pay more for BOP Insurance.
- Claims history. If you have had covered liability losses or claims regarding your commercial property your rates will be higher.
- Additional property coverages and other types of business specific business insurance options.
- The amount of business income or revenue the business earns.
- Hired and Non Owned Auto. This option covers your business on those occasions when you rent, lease or borrow a vehicle on a short term basis, or when your employees use their personal vehicles for company business.
While there are a great number of factors that determine the cost of a business owner’s policy BOP, the vast majority of business owners will pay around $600 to $1,700 per year for Cheap Business Owner’s Policies.
What Other Type of Business Insurance Does my Small Business Need?
A BOP Policy offers property coverage for an owned office and commercial building along with general liability coverage. As a result you will not need property insurance or general liability policies. You still however may need the following types of insurance:
Commercial Auto Insurance
Accidents,injuries or property damage caused by vehicles used in your business are not covered under a BOP Policy. You need to obtain a separate Low Commercial Auto policy to cover claims for property damage and bodily injury that may be caused by the operation of these vehicles.
Errors and omissions insurance
If you or your business offers professional services, you may wish to purchase coverage that gives you protection against claims of professional liability. A Business Owner’s Policy will not cover claims made as a result of professional services offered by you or your business partners
Workers Compensation
If you have employees you are in most States required by law to have Workers Compensation. This will provide you with liability coverage in the event one of your employees is injured as a result of their employment. You will be covered for any medical costs, rehabilitation costs and lost wages that you may be found liable for. It is important to remember that general liability insurance and a business owner’s policy do not cover you from injuries to anyone employed by your business.
Cyber Liability
You may want to purchase Cyber liability insurance if you maintain personally identifiable information of your customers or clients. In the event of a data breach you will have coverage in the event someone makes a claim.
Do I need a Business Owner’s Policy?
If you run a business you should have at least general liability insurance. If you have property that you use in the operation of your business you should also have commercial property insurance to protect your assets. By purchasing a business owner’s policy you save your hassle and money by having both your general liability and your commercial property insurance in one business owner’s policy
Business Owner’s Policy vs General Liability Insurance?
A business owner’s policy BOP has a general liability insurance component to it. If you have a business owner’s policy BOP you do not need to purchase a separate general Liability insurance. It includes coverage for legal defense, advertising injury and damage to other people’s property
Commercial Property Insurance vs Business Owner’s Policy?
You will not need a seperate policy to cover your property if you have a BOP. The policy will cover the property you use for your business. It will also provide for loss of income and pollution cleanup in the event of a covered claim that destroys your property.
How Can I Pay for my Business Owner’s Policy?
We have a number of options on how you can pay for your business owner’s policy. We can take a check by phone or simply send us a picture of a blank check from your phone. We also accept all major credit cards. We also have a number of ways to finance your business owners policy, with a low downpayment and the balance paid off in 10 monthly installments.
Requirements for a Business Owner’s Policy
Not all businesses qualify for business owner’s policies.each insurance company has its own eligibility requirement. The most common requirements are the business location, the size of the property used in the operation of the business, revenue, and type of business.
For instance, most insurance companies will only cover businesses that conduct all its business on-premises. They may also have limitations if a business property measures over or under an amount of square feet or value. Typically, business classes eligible for BOPs include retail stores,professional trades, apartment buildings, small restaurants, and office-based businesses.
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