BOP (Business Owners Package)
Business Owners Package policy, commonly called a "BOP" contains many of the insurance coverages needed by most small businesses. While these policies are not standard, there is great variation from insurance company to insurance company; there are certain common elements. The basic BOP offers business property for both building and contents, and liability insurance protection for the operation of your business. This liability protection will generally include both the operation of your business, at its established location, and the liability from your products or completed operations.
Most insurance companies see small business through the lens of the Business Owners Package Policy (“BOP”) and most agents play the same way. What’s fun about BOP’S is that their coverage varies widely between insurance companies (they all have their own flavors). The pricing also varies considerably and they all have some very interesting endorsements that can give you a lot for a little. What flavor is your BOP? Let us help you get your favorite flavor!
Your current business coverage may be several policies for different areas of your business. Each of your small policies are referred to as “a line” of coverage. So, with all of these various lines of coverage combined into one master policy you can now pick from a menu of available coverage and have a single policy issued.
This is simpler for you, simpler for the Insurance Company and results in less overall expense and more affordable insurance for you. In point of fact the BOP is sometimes referred to as the Homeowners’ policy for business which is a fair description.
Some, but not all of the policies, will also offer business income and extra expense protection after an insured loss. BOP policies do not contain all of the coverages needed by a small business. Notably they do not cover any workers' compensation, professional liability, or business vehicle coverage.
When considering your needs for insurance products for your home or business remember contacting Bennett Insurance Group is the right move. Give us a call at 623-979-4140
Presented By:
Jim Bennett
Bennett Insurance Group. Inc.
623-979-4140
http://jimbennettinsurance.com
jim@jimbennettinsurance.com
No comments:
Post a Comment