What You Need to Know About a BOP

A business owner policy or BOP is an insurance package that assembles the basic coverage required by a business owner in one convenient policy. The benefit of finding a BOP versus several different insurance policies is you pay one premium, which can be far less than paying several different premiums for each individual policy. Business owner policies are typically designed for small and medium-sized companies.

Business insurance is a necessity for even the smallest company in order to protect and maintain its financial health. Most BOP providers have revenue and employee limits in order to be eligible for the package deal. For example, one insurance company may offer a BOP to businesses with $5 million in sales or less annually with 100 or fewer employees, while another company’s cap may be higher or smaller.

A basic BOP usually includes: property insurance, which protects your building, equipment and inventory; business income insurance, which covers lost income if your operations are suspended because of a covered loss; equipment breakdown insurance, which protects you if your equipment is damaged from power surges or mechanical breakdown; personal and advertising injury coverage, which covers copyright infringement, libel and slander; bodily injury and property damage liability, which covers those instances when your employees, products or services cause harm to other people or their property; medical payments coverage, which covers medical expenses resulting from injury to others on property you own or rent; and rented vehicle coverage, which provides liability coverage for autos that you lease, hire or borrow.

Some insurance companies offer additional coverage options to a BOP, such as data breach coverage or cyber liability. Depending on your business’ needs, you may need to examine several BOPs and various options to ensure you do not have any gaps in coverage, leaving you exposed to liabilities.

Coverage and premiums vary from company to company, however, so it is important to work with a qualified insurance agent who can help you find a BOP that is right for your business and its bottom line.

Knowledgeable, independent insurance experts at Lanoix Agency are always available to answer any questions you may have, identify your insurance needs, and even assist you in filing a claim. These experienced agents can assist you in locating a variety of BOP quotes from a number of providers, ensuring the package you choose offers the best protections at the most competitive rates. Contact a Lanoix agent you who can immediately start to work for your business interests.

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