Business Owners Policy (BOP) Insurance in Havelock, North Carolina
A business owner’s policy (BOP) is designed to help reduce insurance costs on several basic coverages relevant to many small- and medium-sized businesses. BOP qualification rules vary according to insurers, so it’s crucial to work closely with your agent to learn whether your company can and should purchase a BOP.
Contact Amato Insurance Group in Havelock, North Carolina, to learn more about your business insurance options.
What Is a Business Owner’s Policy?
A BOP is designed for small- and medium-sized businesses. It typically includes three main types of coverage in one package. BOPs can help reduce insurance costs, as the packaged policies may be more affordable than purchasing each coverage separately. BOPs are typically a good fit for qualifying businesses seeking basic insurance coverage.
What Is Covered Under a Business Owner’s Policy
A BOP typically includes the following coverages:
- Property insurance may help cover rented or owned buildings, equipment and inventory from damage or loss due to fire, theft and other covered events.
- General liability insurance may help cover costs associated with third-party claims of bodily injury, property damage, personal injury or advertising injury.
- Business interruption insurance may help provide financial assistance to cover lost income and operating expenses if the business is forced to close to allow for repairs after a covered event.
Depending on your business, your agent may also recommend that you tailor your BOP to include other coverages that may be available, such as the following:
- Commercial auto insurance
- Equipment insurance
- Cyber liability insurance
- Professional liability insurance
- Employment practices liability insurance
- Directors and officers insurance
- Product liability insurance
- Cargo insurance
- Workers’ compensation insurance
Depending on your business’s activities and applicable state and federal regulations, your company may be required to carry commercial auto insurance and workers’ compensation coverage. Your agent can help you build a BOP with appropriate coverage for your organization.
How Much Is a Business Owner’s Policy?
Insurers set premiums for BOPs and may consider numerous factors, including the following:
- Your policy’s coverage limits
- Location of the business
- Size of the business
- Your company’s claims history
- The type of business and the associated risks
- Annual revenue
Your agent can help you get multiple quotes for a BOP from reputable insurers.
How to Get a BOP
Contact Amato Insurance Group today to learn about qualifying for a BOP and tailoring your coverage to meet the insurance needs of your business.