Business Owners Policy
If you own a business, you’re likely aware of the financial hardship that could occur if your business is sued or damaged. A business owner’s policy, also known as a BOP, combines multiple forms of business coverage into one policy to protect your business from these losses.
We’re here to help. Contact First Insurance Group to learn more about our BOP coverage and to speak to an insurance agent today.
What Is a Business Owners Policy?
A BOP policy combines general liability insurance, business interruption insurance and commercial property insurance into one package. Other coverages may also be available. By bundling multiple insurance coverages into one policy, eligible small and mid-sized businesses can generally obtain BOP coverage at a lower price than it would cost to purchase each of the coverages separately.
What Is Covered Under a Business Owners Policy?
Typically, a BOP covers property and equipment damage, helps pay for business interruption costs if your business temporarily shuts down due to a covered event and provides coverage for liability claims.
The following are common coverages included in a BOP:
· Business interruption insurance—This policy can cover expenses (e.g., payroll, lost income) if your business shuts down temporarily due to a covered loss. It is also known as business income insurance.
· Property insurance—This policy can pay to repair or replace covered business items if they are stolen, lost or damaged due to a covered peril. Examples of items that may be covered under this policy include the following:
· General liability insurance—This policy can cover expenses (e.g., lost wages, medical bills) associated with claims that your business is responsible for causing third-party harm. Here are some examples commonly covered in a general liability insurance policy:
o Personal injury
o Bodily injury
o Property damage
o Advertising injury
Additional coverages may be available as endorsements. Reach out to our agents for more information.
Business Owners Policy Requirements
The qualifications to purchase a BOP may vary by insurance company. BOPs are generally designed for small and mid-sized businesses, and eligibility is typically based on several factors such as the following:
· The type and class of your business
· The size of your operation’s primary location
· Your business’s revenue
Other criteria may also be considered. Reach out to us for details.
Getting a BOP
At First Insurance Group, we make protecting your business our top priority. Contact us today to learn more about our BOP coverage and to get an insurance quote.
We have offices in Bardstown, Frankfort, Nicholasville and Danville, Kentucky.