What is a Business Owner's Package Insurance Policy?
A business owner’s policy (BOP) combines all the required insurance a business owner needs to keep his company running. More often than not, the package includes business interruption insurance, vehicle coverage, property insurance, crime insurance, and liability insurance. However, it can be altered according to your business’s specific needs.
The BOP bundles business insurance policies that would help business owners save money as individual coverage would cost a lot more.
What's Covered with a Typical BOP Policy?
The BOP typically provides coverage for the following:
1. Business Interruption Insurance
Business interruption insurance provides coverage for the loss of income due to a fire accident or other events that disrupt business operations. It may also include coverage for additional expenses of operating at a temporary location.
2. Liability Insurance
Liability insurance covers the legal responsibility of a company for the harm that it causes others. This harm, which may be a result from you and your employee’s negligence or malpractice in your business operations, includes:
3. Property Insurance for Buildings and Contents Owned by the Business
There are two types of property insurance: standard and special. Assess your insurance needs for your property to determine which type is right for you.
Many BOPs don’t cover professional liability, auto insurance, worker’s compensation, or health and disability insurance. You may need extra coverage for that.
Feel free to contact us anytime to learn more about the best BOP for your business.
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Business Owner's Package Insurance (BOP)
Get all your business insurance needs covered under one Business Owner's Package Insurance policy. We'll get your business covered in the most affordable way.