Business Owners Policy
Business Owners Policy, commonly known as BOP insurance, is an all-inclusive insurance plan for businesses. It covers almost every type of potential risk and liability to a business. In simple words, it’s a single and convenient insurance plan for business.
A business may have tons of risks associated with it. These may include thefts, natural calamities, accidents, and other such incidents, etc.
Say, for instance, you are running a business in New York, and someone steals your vehicle. Also, another person does some harm to your property. Now, if you have already purchased a Business Owners Policy in New York, you don’t need to worry about your assets. Your BOP Insurance plan will handle all these matters on its own.
Let us explore more about Business Owner Policy in the later sections!
What are the requirements for BOP Insurance?
Each insurance provider has its own criteria for Business Owner Policy. Usually, it depends upon the location of the business, industry of business, revenue generation by the business, and the size of the business.
Take an example of a company running its business in New Jersey. It has 50 employees, generates revenue of 5 million USD annually, and the nature of business is construction. Its owner goes to an Insurance Provider and asks for Business Owners Insurance in New Jersey. The Insurance Provider asks him details and refuses to grant him this plan. He gave the reason that we provide this plan only to businesses that have more than 20 million USD revenue generation annually.
From the above example, we came to know that not every business is eligible for BOP Insurance.
Coverage options in BOP Insurance
There are so many coverage options available in Business Owner Policy. Let us see some of the basic options:
- General Liability Coverage
This coverage provides medical insurance to employees of the business. Also, a lot of other liabilities for which your employees are liable, are included in it. These may include bodily injuries, property damages, etc.
- Commercial Property Coverag
Commercial Property Coverage covers all of your property and assets. It protects your building, furniture, equipment, stocks, and inventory, etc
- Business Income Coverage
This is a very useful coverage if your business is not working temporarily. It will pay all of your bills and salaries to your employees on your behalf.
- Crime Insurance
Crime Insurance protects your business from frauds, impersonation/forgery, and thefts. To protect from forgery, must include this clause in your policy.
Besides, there are so many additional coverage options available to businesses. Some of them are as follows:
- Business Extra Expense Insurance
- Electronic Data Coverage
- Personal Injury
- Advertising Injury
- Accounts Receivables (AR) Coverage
- Equipment Breakdown Coverage
- Civil Authority Coverage
- Rented Vehicles Coverage
- Newly Bought/Acquired Property Insurance
- Valuable Papers Coverage
And a long list of much more options…
Is Business Owner Policy better than buying Individual Coverage?
Yes! Business Owner Policy is better than buying insurance for each component separately.
One of the main reasons behind it is that you will have to pay for a lower premium for a BOP Policy. It is because rather than paying for each coverage separately, you will have a discount. So you will be paying less!
Another reason is that you will have to manage a single payment. But if you buy each coverage separately, you will have to make separate payments for each payment. In the end, it becomes hectic to manage so many payments!
So what are you waiting for?
Looking for Business Owner Insurance in New Jersey? Simply consult MKZ Insurance!
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