Protecting your business with an insurance policy is one of the most important responsibilities you have as a business owner. However, since insurance is supposed to save you money, it makes sense that you will look for ways to save money on a policy. It is important to find an affordable policy without sacrificing important coverage needed to protect your business.
A business owners policy (BOP) is an insurance policy specifically tailored to cover small businesses in low risk industries. This type of policy allows you to combine coverages into a single policy all in one place.
What Does a BOP Cover? 
A basic BOP combines two important coverages:
- General Liability Insurance: General liability insurance covers claims against your business concerning bodily injury, property damage and personal or advertising injury. If someone is injured on your property, this insurance can cover their medical bills along with protecting your business in case of a related lawsuit.
- Commercial Property Insurance: Commercial property insurance covers your business’ physical location and its contents in case of loss or damage due to fire, wind, hail, lightning, falling objects, smoke, theft, vandalism and more. This is crucial to protect the physical assets of your business so that you can replace your items and get back to operation quickly after a disaster.
How Much is a BOP?
As with other insurance policies, the price of a BOP varies depending on your:
- Location
- Business size
- Industry
- Credit score
- Claims history
- Coverage types and limits
- Deductibles.
On average, however, BOPs are more affordable than purchasing insurance coverages separately. These policies also allow you to add different insurance coverages so that you can tailor it specifically for your business’ insurance needs.
Be sure to speak with an insurance agent about your business and your BOP needs. Every business is different and needs a policy designed to fit them. An agent can help you evaluate the risks your business faces so that you can gear a BOP for comprehensive coverage at an affordable price. Also ask about discounts you or your business may qualify for. Although adding more insurance to your BOP typically raises the cost, it also allows you to protect against potentially expensive accidents, disasters and lawsuits.
Additional coverage you may add to a BOP includes:
- Professional liability
- Product liability
- Commercial Auto Insurance
- Workers Compensation
- Liquor liability Umbrella liability
Contact AJ Gambardella today to learn more about business owners policies.