Businessowners Policies: Comprehensive AND Affordable

If you have a business with revenues typically less than $10,000,000, you might be eligible for what’s called a Businessowners Policy, commonly referred to as the (BOP). Businessowners policies have been compared to a homeowner’s policy for business and have become a very popular over the years. The reason is that these policies combine a variety of basic coverages into a package at a premium that is usually less than the cost of purchasing these coverages separately. 

Businessowners policies combine property, general liability, and business interruption insurance along with a list of supplemental coverages that businesses may need. Optional coverages can also be added to meet specific needs of the business. It’s kind of like bundling your cable, internet, and phone together under one package instead of purchasing them individually. Maybe this isn’t the best analogy though, as I know first hand that my cable/phone/internet package costs a ton!

There is an extensive list of business classifications eligible for Businessowner’s policies. To name a few, retail stores, offices, and apartment complexes all the way to restaurants, dry cleaners, and beauty salons.

Chances are that if your business fits under these guidelines, you are already insured under a BOP policy. However, if you are uncertain, be sure to check in with your insurance agent to verify. You may just save yourself some money while carrying better coverage in the event of a loss.