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Business owners are subject to multiple risks when running a business. Business owner’s policy (BOP) protects you against losses related to property damages, injury, and theft. Keep reading to learn the basics about BOP. We’ve evaluated the best business insurance providers based on coverage, financial stability, customer satisfaction, and overall quality.
Coverwallet began its journey in New York City in 2015 operating under the Aon Insurance banner. At Coverwallet, you can access everything you need to keep your company well-protected at an unbeatable price.
Simply Business provides insurance policies for a range of professions and small businesses.
With a 100-year history of insuring businesses, Hiscox is well-known across America and globally. With more than 500,000 small business customers, Hiscox is fully aware and trained in the unique risks a business can face.
Thimble provides business insurance that can be tailored to your business by the year, month, day, or even the job. At Thimble, the process to getting the right business insurance is simple, scalable, and flexible.
Next Insurance leverages AI technology to streamline the process to purchase insurance, track claims, and manage policies at no additional cost.
Spott will ensure that your policy coverage is tailored to your business while complying with Amazon’s Terms and Conditions. They also track changes to Amazon’s Terms and Conditions to identify potential issues with listings before a suspension.
BOP insurance can package several types of coverage into one insurance policy. It commonly includes liability insurance and property insurance in one policy that protects a small to medium business owner. It covers claims that could arise due to your business operations or due to incidents within the business. BOP insurance is versatile and can be customized to many different businesses and industries.
A BOP insurance policy can simplify a business’s coverage needs while providing enough protection for all its potential risks. Types of businesses that could be eligible for a BOP include restaurants, grocery stores, retail stores, wholesalers, contractors, and architectural firms.
If your company has any of these factors, BOP insurance can be a good idea:
Certain insurance providers layout requirements that dictate if a company is eligible for BOP insurance. Requirements can include maximum amounts of employees, office space, revenue, and more. Check these requirements to make sure your business is eligible.
A business owner’s policy can protect your business from legal liability and pay for damages to the building or equipment you use to do business. Coverage includes a combination of general liability insurance and commercial property insurance, with business interruption insurance added to most policies.
General liability insurance is one of the first insurance policies that many business owners take out as it covers basic risk factors that small business owners face. For example, a customer could slip and fall while on your business premises and ask you to pay for medical bills. Or they could take legal action against your business, which can hit your bottom line and harm your business’s reputation.
Coverage for general liability insurance can provide protection against third-party bodily injury, third-party property damage, medical claims, copyright infringement, and legal costs of a lawsuit.
If you own or rent physical space for your business, including a commercial building, warehouse, storage unit, or office space, you should consider taking out a business owner’s policy. Unexpected events can happen where a fire destroys your building or vandalism damages the equipment you use for business. Commercial property insurance can help pay for repairs to your building, replacement of damaged equipment, and spoiled inventory.
In some cases, landlords may require businesses to have a commercial property insurance plan in place, before signing a lease.
Coverage for commercial property insurance can include damage that results from covered events such as fire, vandalism, explosions, and falling objects.
Business interruption insurance covers the loss of income due to an unexpected event that causes you to shut down or temporarily close business operations. Occasionally included in certain business insurance policies, it can also be sold as a stand-alone policy.
Coverage for business interruption insurance can include loss of business income, payroll, benefits to employees, and rent or mortgage payments.
Exclusions are incidents and events that are not covered by your insurance policy. Common exclusions for a business owner’s policy include:
If you require additional coverage, you can tailor a BOP to your specific needs. Additional coverage can include cyber liability insurance, workers’ compensation insurance, professional liability insurance, and commercial auto insurance.
When you take out a business owner’s policy limits will determine the maximum amount you can claim in a given policy period. Limits typically range from $1 million to $2 million. However, lower limits are also available for smaller businesses.
It is important to distinguish between per occurrence limits and aggregate limits. Policies with a per-occurrence limit provide coverage for a maximum amount for each claim submitted. An aggregate limit covers you for a maximum payout per policy period, no matter how many claims are submitted.
Several factors go into the calculation of a business owner’s policy, and policy premiums can vary from one insurer to the next. Many insurers will offer a 10% discount or more on bundled policies, which can help provide cost savings.
Here are some factors that insurers will consider when providing a quote:
When looking for the best business owner’s policy, here are some key factors to consider before you make a purchase: