A Guide: Business Owner's Policies 101

​In business, you are responsible for many things. One of those is setting the policies for your company. It can be a daunting task to figure out what all needs to be included in this document and how it should be formatted, but with this guide on hand, you will have no problem getting started:

The Basics of A Business Owner’s Policies
A business owner’s policy (BOP) is also called an umbrella policy. This policy is an insurance measure designated for businesses with less than 100 employees. For different situations and threats to your business, such policies offer important coverage of insurance.

The BOP comes with three types of business owners policies:

• General Liability Insurance
• Property and Casualty Insurance
• Professional Liability Protection

Each type offers different coverage, which you can read about in more detail at the links below. You should know that having a business owner’s policy is not mandatory for all businesses to have. If your company has less than 100 employees or doesn't do any business outside the geographic area where it operates, you will be exempt from needing one. 

However, these are just exemptions and do not mean every business will need this particular type of insurance because there are many other risks associated with owning a company (such as property damage). Having a business owner's policies is financially reasonable.

The business owner’s policy is a relatively inexpensive type of insurance. It typically covers the business premises (i.e., buildings), business-owned vehicles, business personal property on those premises, and business liability.

However, suppose you want more protection for your company. In that case, other types of policies can be taken out to compensate for any extra risk factors such as cybersecurity or terrorism.

Conclusion
As with anything in business, when deciding what kind of coverage you need to have, make sure you review all risks associated with owning a business before deciding which will best suit your needs.

At CSIS Insurance Services, Inc., we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (888) 501-2747. Get your free quote today by CLICKING HERE.