Business Owners Policy
Building a business is a tough job. It takes money, resources, time, and dedication. It’s important to keep all that hard work protected. Every year, over 627,000 businesses open their doors for the first time and over half that number close every year. One of the biggest reasons is a lack of money to stay afloat. When starting a business, the last thing you need is more financial pressure. Give your business the best protection with a business owners policy.
Should I Buy a Business Owners Policy?
If you have a business or are looking into starting one, it is important to have insurance to protect it. What is even more important is taking careful consideration as to which insurance is best for you. REMCO Insurance Services offer a range of insurances for business owners, and we want to help you succeed with the right policy.
What is a Business Owners Policy?
A business owners policy covers major property and liability risk. A business owner’s policy (BOP) can be best understood as a combined policy for business liability and business property. Business owners policy insurance is formed by considering both business property insurance and business liability insurance. This means that BOP insurance supports you in claims relating to theft, fire, and many other disasters. BOP insurance also covers property damage and bodily injury. Additionally, you can expect BOP insurance to cover personal and advertising injuries.
What Does a Business Owners Policy Cover?
A business owners policy typically includes the following:
This is one of the most important insurances to have for small business, as it protects against lawsuits that may relate to property damage or personal injury. Proof of this type of insurance may be required when signing a contract or applying for a loan.
This insurance provides coverage in case of perils such as fire, explosions, storms, theft, vandalism, and storms.
In the event of disaster, this kind of insurance covers your business’ loss of income and may help cover the rebuilding process.
BOP does not include workers compensation, professional liability, flood, earthquake insurance, employment practice liability, or commercial auto policy.
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Who Qualifies for a Business Owners Policy?
A business owners policy typically covers smaller business, in other words those who make less than $5 million a year and employ less than 100 employees. The business has a physical location and owns items (even electronically) that could be damaged or stolen. Get a quote for your business today by calling 215.357.7878 or filling out our online quote form.
What is the Difference Between a Commercial Package Policy and a Business Owners Policy?
These two policies are very similar in that they bundle insurance for a usually cheaper rate. The difference is that a commercial package policy isn’t as limited as BOP. Most commercial package policies include:
- Property insurance: Covers your business property such as structures and inventory.
- General liability: Liability protection from claims that occur during typical business operations.
- Business income: Pays for regular business income lost as a result of fire, theft, or wind.
- Business vehicle: Provides coverage for vehicles used for business.
- Business interruption: This insurance pays for income loss as a result of a disastrous incident and covers business expenses such as electricity.
- Commercial umbrella: This fills in the gaps left by your liability insurance.
- Electronic data processing coverage: Covers electronic equipment owned by the company.
Usually small businesses utilize BOP while larger companies of varying degrees choose a commercial package policy because of its more extensive coverage. Neither of these policies typically cover directors and officers liability, health and disability, life insurance, or workers compensation.
Additional coverage in BOP insurance.
For a business, BOP is essential since a business owner can customize the policy to fit all industry-specific needs. BOP Insurance Philadelphia is useful for companies of all sizes, though it is particularly beneficial for smaller enterprises. There are consistencies among the various package policies available since BOP is specially built for businesses that face similar risks. Business owners should therefore customize their BOP insurance as a first step when insuring their businesses. All possible and expected risks should be covered so that your BOP insurance offers the highest protection against potential damages and losses from day one.
If needed, a business can tailor their BOP to meet the unique needs related to their business. They can achieve this by adding optional coverage such as:
- Business income related to things like off-premises utility services
- Data breach
- And many more!
A business owners policy typically includes the following:
- General liability insurance: This is one of the most important insurances to have for small business, as it protects against lawsuits that may relate to property damage or personal injury. Proof of this type of insurance may be required when signing a contract or applying for a loan.
- Commercial property insurance: This insurance provides coverage in case of perils such as fire, explosions, storms, theft, and/or vandalism.
- Business interruption insurance: In the event of disaster, this kind of insurance covers your business’ loss of income and may help cover the rebuilding process.