Business Owners Package Policy
A Business Owners Package Policy (BOP) is simply bundled insurance. Why do we bundle it? Well, the obvious answer is that it helps give you the most competitive insurance plan at the best price. But it also helps ensure your company is fully covered in the areas it needs to be, without carrying unnecessary coverage options that end up costing you more. C. H. Smith Insurance loves helping connect small businesses to a BOP policy and seeing how much money we can help you save.
What does a business owners package include?
A business owner's insurance policy provides your company with a number of different types of coverage options. Most often, this includes:
- Commercial General Liability Insurance coverage (property damage or bodily injury claims)
- Property Insurance (physical assets claims)
- Income Loss Insurance (employee salaries and loss of rents, as well as loss of income)
Which businesses qualify for a BOP policy?
Typically, BOP policies are for smaller business. That means companies with less than 100 employees that generate less than $5 million in annual sales. Some examples of businesses that would benefit from a business owners package policy include:
- Small retail stores
- Coffee shops, local restaurants, and caterers
- Independent doctors and dentists
- Automotive repair shops
- Pet Groomers
What are some reasons my business wouldn’t qualify for BOP?
While a BOP can help businesses save a substantial amount of money in premiums, they aren’t usually a good fit for companies that have higher liability risks. The coverage limits simply aren’t sufficient. So if your company is involved in highly specialized or high-risk operations, has large premises, or needs business interruption coverage to last longer than 12 months, you’d be better off checking out individual coverage options to build a more customized plan.
Are all business owners package policies the same?
No! That’s the beauty of working with C. H. Smith Insurance. We’ll use our network of top-rated insurance carriers to bring you quotes and coverage options on the best BOP plan for your business.