CSIS Insurance Services, Inc. Blog
BOP is short for business owner's policy, which bundles the different types of insurance coverage in a straightforward package. If you have a homeowner's policy, then this works the same way. BOP is intended for small to medium-scale businesses and businesses that face similar kinds of risks. If you are new to having a business owner’s policy and you want to learn more, check these essential BOP facts before you look for the best coverage.
One Insurance Bundle For Everything
BOP bundles commercial property insurance with general liability insurance and business interruption insurance. It takes care of everything that your general liability policy takes care of. It includes coverage for equipment, supplies, and furniture for up to five business locations for rental and leased machinery or equipment.
What A BOP Does Not Cover
A BOP is tailor-made for small to medium-scale businesses, but it does not provide coverage for professional liability, workers compensation, and auto insurance. It does not cover health, life, and disability insurance. You can purchase additional coverage to include these as well.
Also, not included are crime coverage, data breach coverage, errors, and omissions coverage, as well as the loss of business income insurance.
Can All Small Business Owners Get BOP?
If you are a small to medium scale business owner, you may be eligible to get BOP as long as you meet the criteria for application. These include the kind of business, the size of the headquarters for the company, the class of business, and revenue.
Premium payments for BOP plans depend on eligibility factors, the company's financial stability, security features set up, fire hazards, and building construction. Businesses with a physical location, with assets that may be stolen, with at least 100 employees and with less than $5 million total sales may apply for a BOP. Also, businesses with a high-risk for lawsuits will also qualify for a BOP.
Why Hiring An Insurance Expert Matters
It’s natural to think twice if your business needs BOP, especially if you are a new entrepreneur or business owner. But to avoid costly mistakes, especially during startups, an expert can help you out. A professional will be able to assist you in starting with an insurance consultation. Don't hesitate to contact a licensed insurance rep today.
At CSIS Insurance Services, Inc., we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (888) 501-2747 or Click Here to request a free quote.
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