Business Owners Policy Information
Business insurance tailored to meet your organization’s needs can help provide financial protection for your company. Your business needs multiple insurance types. A business owners’ policy (BOP) may provide the basic insurance policies you need at a discount if your business is eligible to purchase this bundled insurance.
Contact Advance Insurance in Orem, Utah, to find out whether your business qualifies to purchase a BOP.
What Is the Primary Purpose of a Business Owners Policy?
A BOP is a group of insurance policies designed to meet the basic needs of many small and medium-sized businesses. These policies are bundled to provide a premium discount.
Not every business is eligible to purchase a BOP. Insurers set the criteria, so it’s crucial to work with your agent to determine whether a BOP is a good fit for your company.
What Does a Business Owners Policy Cover?
A BOP typically includes three policies:
- Liability insurance helps pay for third-party claims for which your business is legally liable.
- Property insurance helps pay for damage or destruction of business-owned property and equipment.
- Business interruption insurance helps cover everyday company bills if you must shut down to allow for repairs after a covered event.
Personalize Your BOP Coverage
Your company may need more coverage than the basic policies included with a BOP. Your agent can help you tailor your coverage by adding the following coverages:
- Cyber liability insurance
- Commercial auto insurance
- Worker’s compensation insurance
- Employment practices liability insurance
- Equipment breakdown insurance
What Is the Difference Between General Liability and a Business Owners Policy?
A commercial general liability (CGL) policy covers only liability losses. With a BOP policy, your company has coverage for both property and liability losses. Your agent can help you determine which option may best meet your company’s needs.
Get the Business Insurance You Need
The agents at Advance Insurance can help you understand whether a BOP may be suitable for your company. Contact us today to get a quote.