A Business Owners’ Policy (BOP) may be something that you need to get or are interested in for your own small company. If this is the case, you would benefit from having a discussion with an agent from Green Family Insurance Inc. of the Illinois area about what it is and how it can help you.
What is a Business Owners’ Policy?
This is a policy that bundles liability and property coverage into one package. It ends up offering the same level of protection for a more affordable cost than you would have to pay otherwise. BOPs tend to be available for those businesses that have 100 or fewer employees.
How Does Such a Policy Work?
Many of the insurance companies out there offer BOPs.to small businesses. After you pay for the policy, the insurer can give you a proof of insurance document. This is important to have when you are signing leases for your business. You should get a declarations page, BOP form, common conditions section, and one or several endorsements as part of this if you get a standard ISO policy.
What’s Included in Your Average BOP?
A typical BOP includes commercial property, general liability, and business interruption coverage. Commercial property covers buildings that are located at the premises that have been described in the declarations, tenant improvements, property belonging to others (if you rent or something similar), business personal property that’s in covered buildings, building glass that’s owned by you. You can get a special version of the form if you want extended coverage.
General liability coverage includes personal and advertising injury liability and bodily injury and property damage liability. Another aspect of this is medical payments coverage for medical expenses of someone who has been injured due to your business activities. This coverage is used in the absence of a lawsuit.
Business interruption coverage protects your business if there’s a natural disaster or another covered event that interrupts you conducting your business. In the scenario that you have to close your company activities, business income coverage replaces your lost revenue.
Some additional types of coverage that you may have with a BOP include electronic data, civil authority, accounts receivable, newly acquired property, and mold coverage among other things.
Reach out to talk to an independent agent from Green Family Insurance Inc. of Illinois about getting set up with a business owners’ policy. You’ll be happy you took the opportunity to do so.
