What is it?
A Business Owner’s Policy (BOP) combines business property and business liability insurance into one business insurance policy. … These include claims of bodily injury or property damage. They also include claims related to personal and advertising injury.
- A business owner policy (BOP) is a package that bundles basic insurance coverages and is sold at a premium.
- A BOP typically protects business owners against property damage, peril, business interruption, and liability.
- While coverages vary among insurance providers, businesses can often opt-in for additional coverage, such as crime, spoilage of merchandise, forgery, fidelity, and more.
- Insurance providers determine if a business qualifies for a BOP based on business location, the size of the location, the class of business, and revenue.
- A business may qualify for special considerations if it meets certain eligibility qualifications.
When you have a business, you want to protect it and all your business’ assets. You never know when something is going to happen that is out of your control. That is where business insurance comes in. There are a variety of reasons why having business insurance is a good idea for both your business and your employees.
You Will Look Credible
When you have insurance for your business, it will make it look like a credible business. It shows customers and prospective clients that you are serious about your business. That’s why a lot of businesses will put on their signs and trucks that they are licensed, insured and bonded.
You will be protected
Just imagine someone is in your business and they slip and fall on the floor, becoming hurt. What are you going to do? If you have insurance, that would take care of the person’s injuries. When you are insured, you can feel more confident running your business without having to worry about someone becoming hurt inside of it.