CSIS Insurance Services, Inc. Blog
Business owners policy is the combination of commercial property insurance and general liability. A BOP is a cost-effective type of insurance that startups and small businesses can benefit from it. You can also customize according to the needs of your business.
Many businesses choose to put them together instead of buying separate liability coverage and property coverage. A BOP is considered a great bargain of a package for small and mid-size businesses.
Consult with your broker if your business is eligible for business owner policy insurance. Usually, the business revenue, location, size, and type determine whether you qualify or not.
Who Should Buy A BOP?
Generally speaking, small businesses must consider buying a business owners policy. Ideally, a company that has less than 100 employees working under them and has less than $1 million in revenue is likely to qualify for this insurance package. There is also a high chance of eligibility if you are not running a high-risk business and not operating in large premises.
What Does BOP Cover?
A business owners policy typically covers business interruption. This means it includes lost income and expenses coverage, which is particularly helpful in the event that your business experiences disaster-related damages. For example, if your business is suspended for a certain reason, the operating expenses will continue to roll, including payroll.
You can customize your BOP package and add some protection with the use of endorsements. Make sure that the policy and coverage limits you choose can meet the needs of your business. It is best to consult with an insurance agent or experienced broker that is familiar with your industry to help you understand the various types of endorsements for BOP.
No matter how strong or successful you think your business is, you have no way of knowing when a lawsuit or disaster might hit you. You will want to be prepared in case you face a personal injury claim or hurricane claim. It is vital to obtain basic coverage when you are just a startup business.
As a business owner, make it a point to have some basic understanding of the insurance coverages such as business owners policy. Talk to an insurance agent how these can be beneficial for your business.
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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