Are you looking to start up your own business? Are you struggling with choosing an insurance policy that you need? Try going through this article to know more about Business Owner Policy (BOP) and see if it is right for you and your establishment.
All About Business Owner Policy
A BOP combines the basic coverages required and needed by business owners into one big package. Having all these ensure protection for all significant liability risks that come with opening up a business. The cost of getting this insurance is less than when you obtain the coverages individually. By buying a Business Owner Policy, you get to save money and protect your company.
Who Should Get a BOP
If your establishment has less than 5 million dollars in yearly revenue and have less than 100 employees, then you are eligible for getting such policy. Although this policy is a good option for many small businesses, it may not be the best option for all. If your company does not need one or more of the bundled coverages, then you can opt to buy the ones you need individually.
A Business Owner Policy provides the fundamental liability and property insurance, and business interruption insurance. Because of these, businesses with many pieces of equipment and other assets will benefit a lot from a BOP. This insurance is also essential for brick-and-mortar establishments.
Optional Additional Coverages
BOPs generally include general liability, commercial property, and business interruption insurance, but if deemed necessary, you can also add other types. Once you assess and foresee what problems and obstacles your company might have to face, then you can choose to add additional components in your BOP.
Here is a list of components that are not in a standard BOP, but you can discuss with your insurance company to make arrangements to include them:
If you decide that a Business Owner Policy is the most suitable insurance for your starting business, then check out what is available At Mauser & Tobin Co., 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 (516) 747-0171 or Click Here to request a free quote.