Understanding a business owner's policy

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MALE VOICEOVER: One of the most common commercial insurance policies, a business owner's policy or BOP is not only customizable to your unique business needs, it can often be more affordable than buying each coverage separately.

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A BOP typically bundles general liability and commercial property insurance together, but you can also add endorsements to meet your business's coverage needs. Let's take a look at why a BOP is a smart choice for small business owners.

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General liability insurance protects your business from third-party lawsuits over bodily injuries and property damage. Should a customer slip and fall in your store and sustain an injury, you are covered.

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[video: Under above header, three bullet points display the text: "Customer or client injuries"; "Third-party property damage"; "Advertising & personal injuries"]

Commercial property insurance compensates your business if your assets are lost or damaged by incidents, such as fire and theft.

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[video: Under above header, three bullet points display the text: "Business-owned property"; "Supplies & equipment"; "Inventory"]

These two policies are often required by landlords when signing a commercial lease and are usually the first types of insurance that small business owners will purchase. By getting both policies in a BOP, you get the coverage you need at a lower cost than buying each of them separately.

A business owner's policy can also be tailored to meet your specific insurance needs, from business interruption insurance to data breach coverage to liquor liability insurance.

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[video: Under above header, four bullet points display the text: "Business interruption"; "Contractor's tools & equipment"; "Data breaches"; "And more..."]

To qualify for BOP savings, businesses typically must operate in a low-risk industry, have fewer than 100 employees, make less than $1 million in annual revenue, and maintain a small commercial space.

[video: an illustrated header displays the text: "To qualify for a BOP, you must have:"]

[video: Under above header, four bullet points display the text: "A lower-risk industry"; "Less than $1M in annual revenue"; "A small commercial space"; "Fewer than 100 employees"]

While it's not often required by law, a business owner's policy is a wise choice for small businesses that work with the public and own valuable business property.

Get free business owner's policy quotes with Insureon today.

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Click the link to get started.

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