Every business needs commercial insurance, but because there are so many types of policies on the market, the average business owner might find it hard to coordinate their benefits. A business owners policy, commonly called a BOP, is a package of business insurance options that eliminates that challenge. The BOP will offer the policyholder the convenience of getting their most essential commercial benefits in one place.
Small business owners might find it challenging to try to juggle all these different layers of coverage in a cohesive and efficient manner. By having a BOP, you’ll get your most critical and beneficial coverage in one place. Plus, the coverage limits, deductibles and other terms of the plan will be specifically tailored to the needs of smaller operations, while remaining customizable to your individual needs.
Standardized BOPs usually offer three separate benefits:
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Property Insurance: If something damages physical property – such as your building or possessions – then this coverage can help you repair or replace them.
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General Liability Insurance: This covers the business in the event it causes property damage or bodily injuries to another party, like a client or vendor.
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Business Interruption Insurance: This helps you pay the bills if you must temporarily close after a damaging accident.
However, you will often need to augment the BOP with other coverage like:
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Workers’ compensation insurance
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Commercial auto insurance
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Professional liability/Errors & omissions insurance
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Surety bonds
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Inland marine insurance
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Employment practices liability insurance (EPLI)
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Products/completed operations liability insurance
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Cyber liability insurance
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Umbrella liability insurance
Many of these policies can be purchased as endorsements to your BOP itself. Others must be purchased separately. Our agents are the experts who will know how to seamlessly integrate your BOP into your overall commercial insurance portfolio so that you always receive the highest level of coverage.
Because a BOP offers numerous benefits in one place, it is often more affordable overall as opposed to buying separate benefits. We’re committed to working with you to ensure that the terms, limits and premiums within your chosen coverage always offer you the best cost value overall. You can rely on us to comprehensively compare the policies from our network of carrier partners to help you choose the benefits that will truly be to your greatest financial advantage.