Things You Need To Know To Be Eligible For A Business Owner Policy

​Businesses are also vulnerable to dangers like theft, property damage, hacking, disasters, personal injury, etc. A business owner policy (BOP) is a package deal insurance policy. It combines protection from all significant liability risks to meet the needs of the insured. You can add additional coverages, but most BOPs are catered for small to medium-sized businesses.

Importance of Obtaining a Business Insurance Policy
It protects the business in its entirety. From property, equipment, inventory, business income, crime to any liability. BOPs are a good investment because they are tailored to fit the industry where the business identifies. It takes into consideration the general risks all companies may confront in the future.

Eligibility for Business Owner Policy
Not all businesses can get a business owner's policy because it does not cover every type of industry since this insurance is for small to medium scale businesses. Large enterprises have a more complex coverage for being huge, which is why insurance agencies need enough information before offering BOPs. It is essential to be aware of the following requirements to obtain a policy from an insurance provider. 

1. Less Than 100 Employees
2. Physical Location (Outside or Inside of Home)
3. Located in a Low-Risk Area
4. Situated in a High-Risk Area
5. Small Commercial Space
6. Less Than 1 Million in Annual Sales
7. Less Than 5 Million in Annual Sales
8. Important Equipment

Business Owner Policy Protection
General liability insurance and commercial property insurance are mostly merged into a business owner policy to provide enough protection from lawsuits and damages. It is also there to make it more convenient and affordable for the owner. Business interruption insurance is also included in the policy, which replaces lost revenue when the business needs to close because of a disaster.

Business Owner Policies for Protecting Business Finances
Customers will also be confident in a business that has a business owner policy because it reassures a financial backup from any damages. Companies' income is also protected from lawsuits and other expenses that may cause injury to a third party. When a natural disaster occurs, that may ruin business operations. There are available funds for repair.  

Conclusion  
Since not every business is eligible for a business owner's policy, be sure that the above factors are met to be qualified before buying from an insurance agency. When all the requirements are met, discuss other coverages needed to ensure the business is secured.

At CSIS Insurance Services Inc., we do our best to make 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.