Business Owners Insurance
Having a Business Owner’s Insurance policy is important to protect both companies and their customers from the unknown. With a BOP you have the ability to customize the policy to meet your individual business needs.
Business Owner’s Insurance is an easy to use police for small businesses. A Business Owner’s Policy (or BOP) is a combination of both Property Insurance and Liability Insurance coverage bundled into one convenient policy. BOPs can be tailored to individual needs by adding certain coverages such as business interruption, utility-services interruption, cyber liability, inland marine, professional liability, EPLI or Employment Practices Liability Insurance and even directors and officers insurance coverage.
This convenient package makes the purchase process easy because everything is included and is done so at a reasonable cost.
Why is Business Owners Insurance Important?
A Business Owners Policy can protect a business at a physical location, whether it is out of your home or a rented office. BOPs protect both inventory and intellectual property.
If there is a chance of being sued, a business owner policy will defend the business owners, so long as it is a covered loss. A BOP policy is also a convenient way to purchase insurance as it often simplifies the process of purchase. The business owner’s policy includes additional coverage that is not often found in a commercial package policy or in standalone liability or property insurance policies. .
Simple, Convenient and Affordable Coverage
The convenience of this type of policy makes it the perfect fit for small businesses. With the ability to simplify insurance and add more coverage without purchasing a separate policy, the Business Owner’s Policy provides unmatched convenience.
Often times, we can offer multiple policies with the same carrier, such as Workers Compensation and Business Auto and in doing so, we can get discounts for multiple policies. These discounts are similar to when a homeowner bundles Homeowners Insurance, Auto Insurance, jewelry and umbrella insurance.
Who Does a BOP Protect?
A Business Owners policy protects:
- The owners of any business from third party liability lawsuits
- Property damage
- A whole host of other items that are included via endorsement or as part of the policy.
Each BOP is extremely versatile, allowing business owners to add coverage as needed for their industry, location or specific needs. Every business owner should have some type of liability policy or business owner’s policy. It is a simple cost of doing business that business owners should not live without. Workers Compensation however, needs to be purchased separately and depending on which state the business is in, the rules can vary a bit.
Get a free Business Owners Insurance quote!
At LG Insurance Agency, we pride ourselves on being a small business with big business backing. Our insurance companies that we work with for Business Owners Insurance or BOPS are all national companies such as Travelers, Guard, The Hartford and Utica National.
There is no one-size-fits-all, even with the BOP, so that is why we find the right policy to fit your needs. In addition to the best markets, we believe in insurance education and will help you understand the risks associated with your business and how to transfer that risk to an insurance company. And as a New Jersey based insurance agency, we understand how different localities will impact your coverage.
Contact us today to get a free quote, or call our team at (877) 288-7169.
New Resources to Run Your Business
Get expert advice on topics like business management, insurance, healthcare, marketing and more from this resource for new, growing and mature business owners.
View the Business Owner’s Playbook