A Business Owner’s Policy (BOP) is a comprehensive insurance package designed for small to medium-sized businesses. It combines various coverage options into one policy, offering businesses a broad range of protection at a cost-effective price.
What’s included in Business Owner’s Policy?
A typical BOP may include:
- Property Insurance: Covers damage to owned or leased property.
– Business Personal Property: Covers property that a business owns, leases, or rents, including things like buildings, equipment, inventory, and furniture.
– Inland Marine Insurance: Covers property that’s on the move. It’s designed for businesses that transport goods or equipment from one location to another. - General Liability Insurance: Protects against lawsuits for bodily injuries, property damage, and advertising injuries.
- Business Interruption Insurance: Covers loss of income due to a covered event that interrupts the operations of the business.
- Data Breach/Cyber Liability: Protects businesses in the event of a cyber-attack or data breach. It can cover costs related to notification, public relations, and more.
- Equipment Breakdown: Covers the cost to repair or replace equipment, such as machinery or computers, that breaks down due to causes like power surges or mechanical failure.
- Tenant’s Legal Liability: Covers damage to a rented space caused by a business’s operations or employees.
- Hired and Non-Owned Auto Liability: Provides coverage for vehicles the business doesn’t own but uses for business purposes, such as rented or employee-owned vehicles.
- Employment Practices Liability Insurance (EPLI): Protects against claims by employees alleging discrimination, wrongful termination, harassment, or other employment-related issues.
- Liquor Liability: Essential for businesses that sell or serve alcohol, this covers claims resulting from actions of intoxicated patrons.
- Employee Dishonesty Coverage: Protects against financial losses caused by fraudulent acts of employees, such as theft or embezzlement.
- Accounts Receivable Protection: Covers losses if a business can’t collect outstanding balances due to lost or damaged account records.
- Valuable Papers and Records Coverage: Covers the cost to replace or restore important documents, such as client records or contracts, that are lost or damaged.
- Outdoor Signs and Property: Protects against damage to signs, fences, and other outdoor property.
- Product Liability: Covers claims arising from injuries or damages caused by a business’s products.
- Personal and Advertising Injury: Protects against claims of libel, slander, and misrepresentation in advertising.
What’s Not Included?
While BOPs are comprehensive, they don’t cover everything. Common exclusions include:
- Professional Liability: Covers claims of negligence or mistakes in professional services.
- Workers’ Compensation: Covers employee injuries or illnesses caused by their job.
- Commercial Auto Insurance: Protects company vehicles and drivers.
- Health and Disability Insurance: Covers health and disability needs of the business owner and employees.
How Much is the Policy?
The cost of a BOP varies based on the type of business, location, number of employees, and other factors. Here are some examples:
- Fitness Centers: Starting at $800
- Mechanic Shops: Starting at $1450
- Printing Shops: Starting at $700
- Beauty Salons: Starting at $600
- Medical Supply Stores: Starting at $625
- Retail Stores: Starting at $520
- Furniture Stores: Starting at $650
- Vending Machine Operations: Starting at $500
- Art Galleries: Starting at $500
Who Qualifies for Business Owner’s Policy?
BOPs are ideal for small to medium-sized businesses that:
- Have a physical location, whether owned or rented.
- Have assets that could be stolen or damaged.
- Are at risk of being sued by a customer or client.
- Operate in a sector where a BOP is considered standard.
Business Personal Property vs. Inland Marine Insurance
- Business Personal Property: Covers property that a business owns, leases, or rents, including things like buildings, equipment, inventory, and furniture.
- Inland Marine Insurance: Covers property that’s on the move. It’s designed for businesses that transport goods or equipment from one location to another.
How To Buy a BOP From USA Insurance
- Complete the official application form.
- Provide any additional documentation or information requested by the insurer.
- Pay the initial premium or set up a payment plan.
- You’ll receive official policy documents, digitally.
- Review these documents and store them in a safe place.
What Sets Us Apart
In a world filled with choices, it’s essential to understand what makes us stand out from the crowd. Here’s what sets us apart:
- Experience and Expertise: With 16+ in the industry, USA team brings a wealth of knowledge and expertise to every project, ensuring top-notch results.
- Competitive Pricing: While we offer premium quality, our pricing remains competitive, ensuring our customers receive great value for their investment.
- Tailored Solutions: We understand that one size doesn’t fit all. Our team works closely with clients to provide customized insurance solutions that fit their specific requirements.
CALL USA INSURANCE – (888)900-0205
