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Business owner’s policy (BOP) insurance bundles multiple coverage types into a single comprehensive policy. With a BOP, you will have the coverage you need to protect your assets and operations.
You should have coverage through a business owner’s policy if you are a small to mid-sized business (SMB) that:
Has assets, like inventory or equipment, that can be stolen or damaged.
Risks customer injury or property damage due to your operations.
Have assets, like inventory or equipment, that can be stolen or damaged.
Risk customer injury or property damage due to your operations.
Here are a few reasons why you might need a business owner’s policy:
Simplifies the insurance process and makes it easier for you to manage multiple coverages in one business owner’s policy.
It’s invaluable to have the peace of mind that you are properly protected through a range of coverages included in one business owner’s policy so you can focus on growing your business.
For example, just like when you order a meal at a fastfood restaurant, when you buy the meal deal, it's cheaper than if you buy your sandwich, drink, and fries individually.
Simplifies the insurance process and makes it easier for you to manage multiple coverages in one business owner’s policy.
It’s invaluable to have the peace of mind that you are properly protected through a range of coverages included in one business owner’s policy so you can focus on growing your business.
When evaluating if BOP coverage is right for you, you’ll want to understand each core coverage in the business owner’s policy, including general liability, commercial property, and business income interruption insurances.
Commercial property: protects buildings, lots, and their material contents against damage, vandalism, theft, and other types of loss. For example, if your restaurant owns a property, and a fire destroys the property and the business equipment.
Business interruption: replaces lost income or aids with expenses if a covered event causes your business to close unexpectedly. For example, if your coffee shop is forced to shut down for one week due to a pipe burst.
If a clothing boutique stores its employees’ social security numbers in the cloud and that data is compromised, the store owner is at risk of legal action by the employees.
If a logistics company is victim to ransomware after an employee unknowingly downloads a suspicious attachment, the financial burden can be heavy without cyber insurance.
The average annual cost of a business owner’s policy for a small business can start around $700 for a small business (whereas if you were to bind each policy individually, the cost would be around $1,800), but coverage costs will vary. Here are a few factors that can influence the price of a business owner’s policy for your business:
Though a BOP covers some of the most common business risks, it doesn’t cover everything. Here are just a few other common examples of risks and coverages and why you may need them in addition to a business owner’s policy to fully protect your business:
Workers’ compensation insurance protects employers and employees, covering financial needs in case of any workplace illness or injury. This insurance is required by law in most states.
A cyber insurance policy protects you against the consequences of a cyber incident, such as data breaches, network security failures, cyber extortion (ransomware, for instance), and other cyber-attacks.
A commercial auto policy covers vehicles used for business purposes, including cars, trucks, vans, and other vehicles owned or leased by your business.
Covers a wide range of risks and can shield you from financial losses and legal expenses from customer injuries or damage to their property.
Protects professional service providers when their advice or actions could have significant financial or health-related consequences.
What’s next? Call (380) 225-5242 to connect with an experienced insurance agent who understands the nuances of your business and industry.
