Business owners have many insurance policies to choose from to protect them from the unexpected. One type of policy worth considering is a business owners policy. 

What Is a Business Owners Policy? 

 

A business owners policy (BOP) combines business property, general liability insurance and business interruption insurance into one policy. A BOP can be customized to fit the specific needs of a business, and small- and medium-sized businesses in relatively low-risk industries may qualify for them. 

What Does a Business Owners Policy Cover? 

 

A BOP typically includes the following three types of insurance: 

• General liability insurance can help cover a company’s legal liability after accidental third-party property damage or bodily injury.
• Business property insurance may help cover replacing or repairing company property after a covered incident.
• Business interruption insurance can help cover regular bills if a company must temporarily close to allow for repairs after a covered event. 

Other coverages, such as workers compensation insurance, professional liability insurance, coverage for company vehicles, flood and earthquake insurance, cyber liability insurance and employment practices liability insurance, may be available as separate policies or as endorsements to a BOP.   

What Is the Difference Between General Liability and a Business Owners Policy? 

 

General liability insurance is just one of the policies that falls under a business owners policy. General liability insurance can be purchased on its own, but it can be more beneficial for a business to get coverage under a BOP, which includes more than just one coverage. 

What Is the Advantage of a Business Owners Policy? 

 

BOP is advantageous because it simplifies insurance coverage for businesses. You can work with an insurance provider to customize your BOP to meet your exact needs. These policies also typically have lower premiums than if you invest in many individual policies. 

Business Owners Policy Quote in Joplin, MO 

 

If you want to learn more about how your company can benefit from a business owners policy, contact The Insurancenter. We have been in the insurance business since 1895 and take great pride in finding the right combination of coverage, cost and service for every client.