What is a business owners policy and how can it help you save money on your small business insurance? If you are a small business owner looking for commercial insurance, then read closely. Did you ever visit a restaurant that had a la carte pricing? It can get expensive very quickly. However, when you ask about the “specials” they are having, you discover out you can get a meal with an appetizer and desert while saving a lot of money!
Did you know that business insurance works exactly the same way? You can purchase individual insurance policies separately or in a package called a business owners policy, or a BOP.
OPTION 1: When you buy separate policies from different insurers it may be very expensive.
OPTION 2: You can buy a BOP and cut costs. A BOP combines typical coverage options into a standard package and is offered at a premium that is under if each kind of coverage was purchased separately.
What does a BOP usually include?
- Property coverage
- General liability
- Business interruption
This covers your buildings and all from the contents owned by the organization. Be advised there are two different forms, standard and special, which provides more comprehensive coverage. So make sure to talk to your broker.
This covers your company’s legal responsibility for that harm it might cause to others. This harm could be from a direct result things that you simply and your employees do or fail to do in your business that could cause bodily injury or property damage due to defective products, faulty installations and errors in services provided.
This covers the loss of income resulting from a fire or other catastrophe that disrupts the operation of the business. It can also include the extra expense of operating from a temporary location.
But, not all BOPs are made equal. Not every kind of insurance is included in a BOP. This is why it is important to shop around and why you should work with an insurance specialist in your industry.
What does a BOP not cover?
Business owner policies typically do not cover the following:
- Professional liability
- Commercial auto insurance
- Worker's compensation
- Health insurance
- Disability insurance
You will need separate insurance policies to cover professional services, your vehicles and your employees. The great news is that InsuranceHub can help you with all of these. Stop buying a la carte insurance policies. Why don't you get the phone or fill out the form above to obtain an affordable business owners policy today?