Business Owners Policy Insurance Quote
A business owner’s policy (BOP) has been compared to a home insurance plan for company. BOPs were first developed in the Seventies and have become a very popular form of insurance for little to medium-sized companies. BOPs incorporate some of the primary insurance coverages required by a typical online company into a standard program at a top quality that is usually less than would be required to purchase these insurance coverages independently. Entrepreneurs also like the simple nature of the program as opposed to purchasing a collection of little plans. The performance also attracts insurance companies and allows them to offer a reduced top quality for the program.
Most of the insurance coverages that are required by little and medium-sized companies, apart from auto and worker’s compensation, are usually provided. This not only shortens the process of purchasing the primary insurance insurance coverages, but often gives a reduced top quality for companies that qualify for a BOP. Business owner’s plans basically contain residence protection, obligation and some additional types of protection that most companies require. Optionally available insurance coverages can also be added to meet specific needs of the company.
Typically a BOP plan includes:
- Property insurance (covering structures, equipment and inventory).
- Business disruption insurance (covering failures that cause you to turn functions or reduce production for a time). Business disruption insurance can provide cash to balanced out lost profits or to pay continuing expenses (typically for up to a year for covered losses).
- Injury or obligation protection (covering harm done by the employees or products to other people or their property).
- Criminal offense insurance (covering loss of cash or investments as a result of situations or break-ins or destruction) as well as failures from personnel robbery or embezzlement.
- Insurance masking legal cases that comes from accidents (as when someone trips and comes on your company’s property) or when you sell a item that loss the client’s residence or you are charged of violations such as slander, trademark or attack of privacy.
- Vehicle protection for rental or obtained vehicles.
A number of other insurance coverages such as overflow insurance or earth quake insurance or owned automobile protection and specific obligations are usually not provided in POBs. Some of these may be available independently for additional rates.
One of the specific features of BOPs is that most instantly include company income and additional expense protection (subject to some limitations).