Owning and operating a small business is a big job. You’re most likely the first one in and the last one out. Your employees, whether you have five or 50, rely on you to make good financial decisions, ensuring they still have a job to come to each day. You’ve worked hard and invested much into growing your successful business and you want to be sure it’s protected from any threat.
A BOP, or Business Owner’s Policy, is actually a package of insurance policies that combine protection from all major property and liability risks. A BOP is ideal for small to medium sized businesses that can benefit from the cost savings of a combined policy and often do not require the type or level of coverage a large corporation may need. The reduced premiums of a BOP are especially of interest to small business owners, compared to buying their property and liability policies separately.
A typical business owner policy includes: property insurance, business interruption insurance, crime insurance and general liability insurance. Business interruption coverage typically provides up to 12 months of income for covered events that force you to shut down temporarily. Crime insurance in a BOP is usually limited to break-ins, vandalism and other physical crimes.
Many insurance companies will offer small and medium sized businesses the option of customizing their BOP. You may decide your particular business needs cyber liability coverage (sometimes called data breach coverage), flood insurance, commercial vehicle coverage, workers compensation, disability insurance and more. It’s important to work with an insurance carrier that is willing to offer a BOP that is the right fit for your business.
Not all businesses are eligible to purchase a BOP. The majority of insurance providers determine eligibility by type of business, location of operations, size of the business’ location, and the average revenues.
To find out if a BOP is right for you, contact a knowledgeable, independent agent at Kerxton Insurance. We can answer any questions you may have, identify coverage options best suited for your business and assist you in finding several policy quotes from a variety of providers, ensuring the BOP you choose offers the best coverage at the most competitive rates. Contact us to find out what the right BOP can do for your business.