CSIS Insurance Services, Inc. Blog
The packages of a business owner’s policy include commercial property and general liability. It becomes a single policy used to cover common risks of most businesses. Frequently, BOPs are more affordable and convenient compared to separately purchasing policies.
What is BOP Insurance?
Bop insurance is mostly insurance policies in a bundle. It includes business interruption coverage, commercial property, and general liability. If you are a small business owner, among the main benefits you can gain from BOP insurance is that it provides the needed protection for your business, and it also does not cost as much compared to investing in separate policies. Additionally, the number of premiums you need to keep track of significantly reduces.
However, there are specific qualifications for a business to be suitable for BOP insurance. Every insurance company has its set of rules and regulations, but they generally reserve BOPs for firms in industries with low risks. It also includes employees that are fewer than a hundred, small commercial spaces (whether rented or owned), and a revenue of less than $1 million.
BOP Insurance Costs
A primary reason why small business owners should purchase BOP insurance is affordability. The cost of a business owner’s policy usually ranges from $350 to $2000 every year. While the two coverages most often included in the BOP insurance – commercial property and general liability – could easily total from $500 to $3000 when you purchase it separately.
Keep in mind that the cost of your business owner’s policy depends on your industry. Some industries, such as retail and construction, have a relatively higher risk for both liability and property claims. On the other hand, business consultants do not have much exposure to properties but may experience more liability lawsuits.
When calculating the costs of BOP insurance, some insurance companies also include the following details:
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.
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