Business Owner Policy
As the owner of a small to mid-size business, you face many unique risks that could impact the financial stability of your company. Theft, vandalism and other liabilities represent just a handful of the exposures your encounter. A business owner policy (BOP) combines both property and liability insurance into one package and may cost-effectively protect against these exposures. Additionally, having the policies bundled together may be more convenient.
The team at Abbott Insurance Agency, LLC can work with you to secure insurance that meets your needs. Contact us today for additional information.
Is My Company Eligible for a Business Owner Policy?
Insurers examine the type and class of your business, the size of its primary location and your business’s revenue when determining eligibility. There are specific criteria small- to medium-sized businesses need to meet to qualify for a BOP.
What Does a Business Owner Policy Cover?
Business owner policies may provide multiple protections for your business. Coverages in a BOP generally include:
· General liability insurance—This may provide coverage if your business is responsible for a third party’s bodily injury or property damage. It may cover medical expenses and legal fees if a lawsuit is filed.
· Commercial property insurance—This coverage may protect your business’s property items such as your building, furniture or other inventory if it is damaged by covered events such as fire or vandalism.
· Business interruption insurance—If you have to temporarily close your business due to a covered event, business interruption insurance may help pay for overhead expenses such as rent, wages and taxes until your operations are able to resume.
Insurance plans typically can be tailored to your specific needs. Other protections may be available to add to your BOP or as standalone policies, including:
· Commercial crime insurance may provide protection for business-related crimes such as forgery or fraud.
· Cyber liability insurance may provide protection in the event of a data breach or cyber attack.
· Commercial auto insurance may provide coverage if your business’s vehicles are in an accident.
How Much Does a Business Owner Policy Cost?
Bundling policies into a BOP may be more cost-effective than purchasing the policies separately. Various factors may affect your BOP’s cost. Your industry and your selected coverages, along with your business’s size and location, could all impact the premiums.
The professionals at Abbott Insurance Agency can work with you to create a business owner policy for your business’s unique needs while being conscientious of your budget. We are a locally owned agency that strives to deliver quality insurance products, and we can provide more information on available protections. Call us today at 612-824-1160 for more information or a quote.