A Business Owner’s Policy (BOP) is a packaged policy of insurance that usually includes property , liability, and business interruption insurance.It allows small to medium sized businesses to get many needed coverages in one policy.A business owner’s policy is a good idea for companies looking to save money and be properly insured against risk.
Small businesses make up about 97% of all firms and employ over half of the work force in the USA. Unlike large corporations, they most often do not have risk management departments to design a custom insurance program for the company. That is why the Business Owners Policy was designed by insurance companies to help small business get the insurance coverage they need at a reasonable price.
Business Owners Policy include:
– Property insurance for buildings, contents and equipment owned by the company.
– Liability protection which covers the company’s legal responsibility for the harm it may cause to others. This harm is a result of things that you or your employees do or fail to do in the course of your business operations that may cause bodily injury or property damage due to defective products or errors in services provided.
– Business interruption insurance, which covers the loss of income resulting from a fire or other catastrophe that disrupts the operation of the business.
– They often also include a number of “nuisance” coverages covering risks faced by small business such as forgery and glass breakage. Some polices can be tailored to a specific business such as a computer consultant or a restaurant and include coverages that they will need.
Business Owners policies do not include:
- – Professional liability
- – Owned Auto Insurance
- – Workers Compensation
- – Disability
- – Health Care Coverage
You will need separate polices to cover professional services, vehicles and your employees.
The advantages of a business owner’s policy are lower costs, one premium and the fact that you have only one policy to review for many of your insurance needs. You can also add coverages needed in the form of endorsements and riders.
It is important to discuss your insurance needs with a reputable agent like Berkely Brokerage Corp. We will give you a risk analysis review to determine if a Business Owner’s Policy is right for you. We are here to help you with all of your insurance needs. We have many years of experience dealing with small businesses, so we will help you to insure your company properly. Give us a call today to get started.