Running a business requires, time, investment, and a lot of hard work. Whether you run a small start-up out of your home or have multiple locations in several local communities, you need business insurance that covers everything you have worked so hard to achieve. As an independent small business ourselves, we here at Anton Insurance understand the importance of finding quality and reliable protection against loss. We also understand the importance of affordability and finding a policy with premiums that protect your bottom line. That is why we recommend business owners packages (BOP Insurance) to many of our commercial customers who are looking to save money on business insurance.
What is BOP Insurance?
BOP insurance is coverage specifically designed to cover the general risks of small to moderately-sized businesses. It takes some of the most common commercial coverages and combines them into a single and convenient policy known as a business owners package. Rather than shop around and purchase these coverages independently, they are purchased together from the same insurer, allowing for a combined premium that is typically lower than what the coverages would cost when purchased separately.
Usually, BOP insurance includes property damage and general liability risk coverage, although additional coverages like data breach protection are sometimes available as endorsements in a BOP insurance policy. Other coverages, such as workers compensation and umbrella insurance, are not included in BOP coverage, but they may be purchased as stand-alone coverage through your agent.
Purchasing BOP Insurance
If you choose BOP insurance for your business, you will have the option of personalizing your coverage with the limits and deductibles of your choosing. Your policy may include coverage for:
General Liability (GL)
General liability insurance helps cover the general risk exposures of your business. These include slip-and-fall accidents on your property and other types of premises liability. In most cases, general liability insurance covers the costs related to third-party injuries and property damages for which your business is liable. This includes the cost of hiring a lawyer, paying for victim medical bills, and covering any judgments and settlements related to the loss. It can also cover things like advertising injury, personal injury, and more.
Although you may have options when it comes to your general liability limits, consider that your business may be responsible for paying any damages that exceed the limits of your coverage. By choosing high-limit protection, you can reduce the risk of a major financial loss.
Property damage insurance includes coverage for the physical assets owned by your business, including the structure of your property, inventory, furnishings, signage, equipment, landscaping and more. This coverage may help you rebuild after a fire, repair windows damaged by vandals, or even replace inventory that has been stolen. In some cases, property damage coverage could even mean the difference between a temporary setback and shutting the doors of your business for good.
As a general rule, property damage coverage is limited to damages caused by covered losses. Though the details will vary according to your policy language and insurer, a typical BOP insurance policy may include property damage protection for damages caused by:
- Fallen objects
- And more
Although some types of property damages may be excluded, such as those caused by flooding, we can show you how to close coverage gaps with additional stand-alone coverage or endorsements that protect you against damages excluded in a standard policy.
If your business is badly damaged after a covered event, it may be impossible to continue operations as usual. Business interruption coverage is included in most BOP insurance policies to help temporarily cover your ongoing financial obligations despite a lack of cash flow. It could mean the difference between taking out a loan or simply filing an insurance claim to cover your bills, debt repayments, payroll, and more.
Is BOP Insurance Right for Your Business?
Though it is beneficial for many small to mid-sized businesses, the general risk coverage of BOP insurance may not be right for everyone. For example, businesses with complex coverage needs and industry-specific risks may require coverage that is more custom-tailored to meet their needs.
Though you will need to consult with your agent to determine if BOP insurance is right for your business, you may be a candidate for coverage if you own a:
- Family-owned shop
- Dry cleaning business
- Clothing boutique
- Antique shop
- Gas station
- Or some other type of small business
Wisconsin Business Owners Package Quotes
There is no reason to pay more for commercial insurance coverage when an independent agent can help you save on the protection you need. With a business owners package purchased through Anton Insurance, your business can enjoy quality, convenience, and affordability – all with the help and support of a trusted, local agency that has your business interests in mind. We can also help you explore additional coverages, such as commercial umbrella, auto, and workers compensation coverage to help you minimize your vulnerability to loss.
If you are a Columbus, Wisconsin area business owner or are planning to start up a new business soon, BOP insurance could be just what you need to protect your business and save. Contact us today to find out more about BOP coverage and whether a business owners package could be right for you. We look forward to serving you soon.