What is a BOP and why would a business want it?
No matter what kind of business you own, you need insurance. What type of insurance differs by what kind of business you own. August Vincent Insurance Agency serving Huntley, IL offers a full range of insurance policies, so your business can obtain just the insurance it needs.
While commercial business policies are custom in nature, each starts with the same essential insurance types, such as business liability. Each bricks-and-mortar business does need four essential types of insurance – liability, property damage, business interruption, and peril. The customization part happens after you obtain these four policies.
Business Owner’s Policy (BOP)
A business owner’s policy (BOP) bundles these four policy types into one package and, by doing so, reduces the premium cost to you. You can add any type of business insurance to this BOP from malpractice to errors and omissions. You can tack on glass insurance or boiler insurance. Any insurance type your business needs, you can add to the foundation of a BOP.
Because you customize all commercial policies, you create a package of insurance that perfectly suits your business. This saves you money and ensures that you insure your business against every risk.
Example of How a BOP Works
For example, every brick-and-mortar business has a physical location, such as a storefront. If that storefront incurred damage in a storm, you’d receive coverage under the peril policy and the property damage policy for repairs to structure and repair or replacement of the business equipment. The business interruption insurance would pay for any days you had to close your business due to the peril damage. If one of your customers had a slip-and-fall accident at your business while you were closing it up before the storm, your liability coverage kicks in. The glass insurance that you added to your BOP covers any broken windows that the storm causes.
Contact August Vincent Insurance Agency serving Huntley, IL about a BOP policy for your business today. Protect your business with the insurance it needs to thrive.
