Business Owners Insurance
A business owner policy (BOP) bundles property and liability risks in a single insurance package. Business owner’s insurance covers a wide range of threats, including bodily injury to your clients and weather damage to your store.
This versatile policy option safeguards business owners who are looking to ensure safety and security for their business. Your overall premium is reduced by bundling a liability policy with a property policy under a business BOP while your coverage options go up.
This policy option is popular with small and medium-sized businesses. Large businesses or businesses that sell expensive goods typically take out property and liability policies separately, along with other kinds of insurance.
However, depending on your business’s trade, a BOP may be perfect for protecting your equipment and clients at your workplace.
What Business Owners Insurance Covers
Business owners’ insurance policies are broken up into their liability and property coverage needs and limits.
BOP liability coverage includes harm to your customers and their property inside your office or workplace. If a workplace incident arises, your chosen insurance company takes personal and legal responsibility to protect your interests and help your clients.
Our agency offers policies from small and large insurance companies. Coverage options by some companies are entirely customizable to suit your business needs. Insurance companies provide varied protection and special coverage options. Certain companies bundle in business interruption coverage, protecting your business from lost income if it closes or is impeded.
Property coverage options, also referred to as peril coverage and formerly as all-risk coverage, including protection for the building itself and its content.
Like commercial property insurance policies, peril coverage safeguards against fire, wind, and explosion damage caused outside of human error. This section of the BOP also protects any advertising or equipment directly outside of your workplace building, along with furniture, equipment, documents, and electronics inside your building.
What it Does Not Cover
Protection from crime, unexpected weather events, flooding, and automobiles is not covered under business owners’ insurance. However, you can add extra coverage with most companies as a bundle with a multipolicy discount.
Unlike a complete liability policy, workplace injury to employees is also not covered under a BOP. Businesses looking for help paying injured workers’ medical bills and wages should consider workers’ comp insurance.
Are there Policy Limits?
Business owner’s insurance policies are fully customizable, which means policy limits vary based on your coverage needs, add-ons, claim history, and potential risk.
Business Owners Insurance Eligibility
Eligibility requirements vary by carrier, but it is common to have a maximum of $5,000,000 in combined property per location, most policies can handle up to five locations, and a sales maximum of $200,000 to $10,000,000 per location.
Minimum BOP premiums vary per carrier from $250-$750 dollars per year. These carriers will also write other commercial coverages such as
Call and ask us about our expanded business owners markets and classes. In today’s market the business owners program does offer the best value.