A business owner’s policy provides a bundle of essential business insurances, general liability and commercial property insurance. This allows a more cost effective option for a business owner rather than having two separate policies. Benefits of BOP are:
– Two for one policy bundle
– Cost effective
– Simple policy management
Commercial property insurance protects your business’s buildings, tools, equipment and inventory in the event of a natural disaster. Commercial property insurance is customizable based on the business needs and what the business owner wants to protect.
General liability insurance is there to cover a broad-spectrum of risks for your business such as bodily injury, property damage, and more. This insurance will help to financially cover medical expenses your business is responsible for, legal costs, and client property damage done by an employee.
Business owner’s policy (BOP) protects businesses from unexpected financial obligations. Business owner’s policy (BOP) is a bundle of general liability and commercial property insurance allowing there to be coverage from both insurances combined into one. As a business owner, business owner’s policy (BOP) would be a good fit if:
– You have equipment and assets that could be harmed or damaged
– You interact with the public and people outside of your organization
– You have a storefront, office, of other type of location for your business
Since there are many options included in a business owner’s policy (BOP) there’s a wide range of price levels that this policy will cost.
Those options can be:
– Combining general liability and commercial property insurance into an all in one bundle policy package. This will allow costs to drop drastically since you’re getting two in one.
– A business’s risk level is always a leading quality factored into cost assessment. Therefore, if your business faces less risks then your coverage will require a smaller payment compared to a business that has a higher level of risks.
– Your location and where your business operates will also affect the cost of this policy.