Small businesses have always been at the heart of a town’s culture. Ever since the pandemic, they have been fighting for survival. Even now in 2023, many businesses are still getting their footing back.

One safeguard for many small business owners was their B.O.P. (business owner’s policy) which helped cover unexpected financial losses. 

Confusion is an understatement when it comes to understanding certain business-related insurance policies. Working with an experienced insurance agent is one way to take the stress off your shoulders and let us help you navigate what you need and what you don’t.

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BOP 101

A Business Owners Policy is something a small business owner can ask about to protect them against today’s most common risks. These include fire, burglary, liability, and business interruption losses. 

How do they work? 

A B.O.P. is typically “prepackaged” with a certain amount of coverage, and then we can come in and make sure to review it with you to make sure it meets your unique needs. Because there is only one policy to review, it can be more cost-effective than separate policies for each concern. 

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Killing three birds with one stone, a single B.O.P. typically provides three areas of general coverage:

Property insurance– Property Insurance protects against your office or building where you conduct your business. This includes equipment and inventory.

Liability insurance– This area of coverage protects against unexpected injuries on the job or by using your business’ products or services.

Business interruption insurance– Sometimes called “business income insurance,” this area of coverage replaces lost revenue in the event the business needs to shut down due to fire, wind damage, or other covered losses. 

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What constitutes a “small business” depends. Normally companies with 100 or fewer employees and/or revenues of $5 million or less are candidates for a B.O.P. Some businesses like restaurants may require specific business policies due to inherent risks unique to the restaurant industry. Contact us to see if your business is eligible for a typical B.O.P. 

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Unique Areas of Concern

Depending on your needs, you may need one or more of the following areas of support. We can discuss with you to determine which add-ons are appropriate or not. 

  • professional liability insurance
  • employee practices liability insurance
  • business vehicle insurance
  • workers compensation
  • health and disability
  • flood and sewer back-up
  • cyber risk insurance
  • terrorism insurance
  • excess liability or umbrella coverage
Contact us to create a new BOP or refine your existing BOP. 

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