What is a Business Owner’s Policy?
When you have your own business, you understand how expensive out-of-pocket costs can be especially if you’ve ever had to pay property damages. At times, those costs can be detrimental. With a Business Owner’s Policy, also known as BOP, you’ll have coverage from business property and business liability insurance, which will cover the costs so you don’t have to.
A BOP can also be made specifically to fit your business, meaning on top of the coverage you already receive, you can add on other coverage deals such as business income insurance. This is important to do at the beginning when getting this policy that way the coverage is set in place as soon as possible.
Why consider a BOP?
If you feel like a packaged insurance deal is a better option for your business rather than choosing one of the other standard insurance plans, then it’s important to understand why a BOP might be worth considering.
As long as your business has an actual location, such as out of your home or office, you’re going to need coverage for both your business and assets. Without some type of business insurance, you could be looking at costly amounts for out-of-pocket costs if you have any of your assets stolen or your business itself is the victim of property damages.
Even if a customer or client becomes hurt while at your business, having business insurance can help cover fees for any medical services the customer received, so you don’t have to pay large amounts out of your own pocket.
What isn’t covered?
Despite all the coverage you can get with a BOP, there are still certain areas that aren’t covered:
- Professional liability
- Worker’s compensation
- Employee benefits
Who can qualify?
To have a BOP for your business, you still have requirements you need to meet in order to qualify for the policy, which are different depending on which provider you go through. Some of
the most common requirements include:
- Size and location of business
- Class of business
We can help you find a business insurance plan!
Businesses can be subjected to many different risks, some being very costly. Galina-Balboa Global Insurance Group will gladly help you find a business insurance plan that will benefit you and your business in the long run, so you don’t have to worry about those costs coming from your pocket.
Give us a call at 512-366-8139.