Business Owners Policies are insurance policies that combine protection from all major property and liability risks in one package. A Business Owner Policy or BOP is an insurance package that assembles the basic coverages required by a business owner in one bundle. It is usually sold at a premium that is less than the total cost of the individual coverages. Business Owners Policies usually target small and medium-sized businesses and typically contain business interruption insurance, which provides reimbursement for up to a year of lost revenue resulting from an insured property loss.
A typical business owner policy includes: property insurance, business interruption insurance, crime insurance, vehicle coverage, liabilty insurance and flood insurance. Depending on additional risks a business owner might face, the business owner and the insurance company can make arrangememnts on additional components to be added to the original package.
Insurance Agency understands that every business and industry is unique, which is why regardless of the size of your business, large or small, simple or complex, we have the expertise to identify the ways to properly insure the particular needs of your business. As business owners ourselves, we understand the special protection businesses need to prosper.
Exclusions & Optional Coverages
Business owner’s policies do not include the following types of insurance:
- Liquor liability insurance for businesses that sell or manufacture alcohol.
- Professional liability insurance
- Workers’ compensation
- Health insurance
- Disability insurance
- Auto insurance
Many insurance companies offer businesses the option to customize a BOP based on specific coverage needs. Optional property endorsements that can be added to a BOP include coverage for certain crimes, spoilage of merchandise, computer equipment, mechanical breakdown, forgery and fidelity bond, but the coverage limits for these inclusions are typically low.
In addition to advising you on the right business insurance policies, we provide additional services, such as:
- Loss Prevention Programs - With our insurance company partners, we can evaluate your business's current exposures and recommend ways to lower property, auto, workers compensation or liability losses. Implementing loss prevention programs will not only lower your losses and business insurance costs, but also increase your productivity by avoiding downtime.
- Quick Claim Response - When you do have a claim, you need fast and fair service, and as independent agents, we work to make that happen. That's why we only represent companies with excellent records for settling claims fairly and promptly.
- Competitive Rates - Many of the insurance companies we represent specialize in insuring specific types of businesses or industries, offering special coverage and pricing. To see if your business qualifies for one of these special programs,contact us for more information.