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<p style="text-align: left;"><span style="color: #0a0a0a;">If you've been scouring the internet for business insurance then you know there are a lot of options. But you're here because you need to find the best insurance option for you and somewhere along the lines you've heard of a Business Owners Policy or BOP and are wondering what the deal is with this insurance option.</span></p>
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<h3 style="text-align: left;"><span style="color: #0a0a0a;">What Is Business Owners Policy Insurance?</span></h3>
<p style="text-align: left;"><span style="color: #0a0a0a;">A Business Owners Policy is insurance that allows a business (that meet certain criteria) to combine coverage from multiple policies into one convenient package. BOPs are created for businesses that face similar risks and often appeal to small and medium-sized businesses. However, larger companies can purchase a commercial BOP package and customize it to fit their needs. These days, there’s a BOP for most mainstream businesses, from hair salons to hardware stores, which makes the process easier.</span></p>
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<h3 style="text-align: left;"><span style="color: #0a0a0a;">Why Do I Need a Business Owners Policy?</span></h3>
<p style="text-align: left;"><span style="color: #0a0a0a;">Every business needs insurance but policies can get pricey. Sometimes a BOP is less costly than individual policies which is why it's appealing. Furthermore, if there is damage to your property or the property of others, employee theft, mechanical difficulties, or an everyday accident at your business that causes a loss of income, a BOP can keep you from having to close your doors as a result of the expenses related to the events. </span></p>
<p style="text-align: left;"><span style="color: #0a0a0a;"><strong>Terrible things can happen if you don’t have a BOP:</strong></span></p>
<ul style="text-align: left;">
<li><span style="color: #0a0a0a;">Financial ruin: Why risk paying out of pocket and possibly going bankrupt, when you could just pay for a BOP that is fairly inexpensive?</span></li>
<li><span style="color: #0a0a0a;">Lawsuits: Legal issues can not only be costly, but they can also be very time-consuming, so one accident has the potential to bring down your business.</span></li>
<li><span style="color: #0a0a0a;">Losing your stuff (or other people’s stuff): Recovering the costs of theft, damage to buildings or broken equipment could send your company into a downward spiral.</span><span style="color: #0a0a0a;"></span></li>
</ul>
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<h3><span>What Does a Business Owners Policy Cover?</span></h3>
<p style="text-align: left;"><span style="color: #0a0a0a;">Your standard business needs a variety of liability and property insurance. Depending on your risks, you may have to purchase these policies individually or you may qualify for a BOP. BOPs provide most of this insurance coverage but under one package which makes it more affordable for businesses. </span></p>
<p style="text-align: left;"><span style="color: #0a0a0a;"><strong>Your coverage under a BOP can include:</strong></span></p>
<ul style="text-align: left;">
<li><span style="color: #0a0a0a;">Property: The building and its contents. </span></li>
<li><span style="color: #0a0a0a;">Property of others: In case your business provides a service on property like a repair shop.</span></li>
<li><span style="color: #0a0a0a;">Business interruption: Lost income and employee salaries while you rebuild after a disaster.</span></li>
<li><span style="color: #0a0a0a;">General liability: For any time that you might be sued.</span></li>
<li><span style="color: #0a0a0a;">Employee dishonesty coverage: In case an employee steals from you.</span></li>
</ul>
<p style="text-align: left;"><span style="color: #0a0a0a;"><strong>Other needs:</strong></span></p>
<ul style="text-align: left;">
<li><span style="color: #0a0a0a;">Mechanical/machinery difficulties.</span></li>
<li><span style="color: #0a0a0a;">Front store window replacement.</span></li>
<li><span style="color: #0a0a0a;">Hired and non-owned autos (i.e., you don’t own a company car but employees are still driving for the job).</span></li>
<li><span style="color: #0a0a0a;">Loss of valuable papers. </span></li>
</ul>
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<h3><span>What Is Not Covered In a Business Owners Policy?</span></h3>
<p style="text-align: left;"><span style="color: #0a0a0a;">While the above coverage might be enough for your business, you may need additional coverages that are not covered by a BOP. </span></p>
<p style="text-align: left;"><span style="color: #0a0a0a;"><strong>The following is NOT covered under a BOP: </strong></span></p>
<ul style="text-align: left;">
<li><span style="color: #0a0a0a;">Professional liability</span></li>
<li><span style="color: #0a0a0a;">Auto insurance</span></li>
<li><span style="color: #0a0a0a;">Workers' compensation</span></li>
<li><span style="color: #0a0a0a;">Health and disability insurance</span></li>
<li><span style="color: #0a0a0a;">Flood and sewer back-up</span></li>
<li><span style="color: #0a0a0a;">Cyberrisk insurance</span></li>
<li><span style="color: #0a0a0a;">Terrorism insurance</span></li>
</ul>
<p style="text-align: left;"><span style="color: #0a0a0a;">For each of the above, you'll need separate insurance policies. </span></p>
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<h3 style="text-align: left;"><span style="color: #0a0a0a;">What Types of Businesses Are Good for a BOP? </span></h3>
<p style="text-align: left;"><span style="color: #0a0a0a;">While a BOP is good for nearly any business, there are some businesses that have general lower risks and are well suited for a BOP. Insurance companies determine a business's level of risk based on any claim history and conditions such as safety and health concerns, the likelihood of theft, burglary, or damage from a natural disaster, and business that are in high-risk industries. The lower the risk of your company the less complicated insurance coverage you need. This makes it convenient to go with a BOP. </span></p>
<p style="text-align: left;"><span style="color: #0a0a0a;"><strong>The following businesses are good candidates for a BOP:</strong></span></p>
<ul style="text-align: left;">
<li><span style="color: #0a0a0a;">Restaurants</span></li>
<li><span style="color: #0a0a0a;">Retail stores</span></li>
<li><span style="color: #0a0a0a;">Salons</span></li>
<li><span style="color: #0a0a0a;">Professional services</span></li>
<li><span style="color: #0a0a0a;">Pet groomers</span></li>
<li><span style="color: #0a0a0a;">Veterinarians</span></li>
<li><span style="color: #0a0a0a;">Caterers</span></li>
<li><span style="color: #0a0a0a;">Coffeeshops</span></li>
<li><span style="color: #0a0a0a;">Deli</span></li>
<li><span style="color: #0a0a0a;">Auto repair shops</span></li>
<li><span style="color: #0a0a0a;">Florists</span><span style="color: #0a0a0a;"></span></li>
</ul>
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<h3 style="text-align: left;"><span style="color: #0a0a0a;">Who Should Not Purchase a BOP?</span></h3>
<p style="text-align: left;"><span style="color: #0a0a0a;">For companies in high-risk industries like agriculture, mining, construction, health care, gun shops and even computer stores, a BOP policy might not be the best fit. Companies that run high risks or are in unique industries require a specific insurance package and a certain amount of coverage. For these businesses, a BOP might not offer the coverage type or amount that your business needs. </span></p>
<p style="text-align: left;"><span style="color: #0a0a0a;">A BOP is also not a good fit for a business that needs something that's not offered within the policy, such as professional liability insurance. Businesses that usually need professional liability insurance include fitness trainers, photographers, beauty technicians and anyone who runs the risk of being sued by a client for not producing an adequate enough product. Since professional liability is not offered with a BOP and cannot be added to a BOP it wouldn't be the best choice. </span></p>
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<h3 style="text-align: left;"><span style="color: #0a0a0a;">How Much Does a Business Owners Policy Cost?</span></h3>
<p style="text-align: left;"><span style="color: #0a0a0a;">The cost of a BOP depends on the coverage limits and a number of other factors like size, location, and materials used. So a hair salon in Milwaukee might only pay $200 a month, whereas a logging company on the north coast of California could pay $2,000 a month. </span></p>
<p style="text-align: left;"><span style="color: #0a0a0a;">Basically, the safer and smaller the company, the cheaper the premium.</span></p>
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<div align="center" style="text-align: justify;"><span><span style="color: #000000;">To read the full article, </span><a href="https://www.trustedchoice.com/business-insurance/coverage-types/bop-business-owners-policy/">click here</a><span style="color: #000000;">.</span></span></div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]