Business Owners Insurance Policy (BOP)

A business owners policy (BOP) consists of property coverage, liability coverage, and some additional types of coverage that are needed for small to medium-size businesses with the exception of auto, worker’s compensation, health, and disability insurance.

Optional insurance coverages can be added to meet the specific needs of the business. As a leading insurance brokerage, Grillo & Associates Agency provides comprehensive business insurance on Long Island, NY. The following information is an overview of the types of Business Owners Insurance Policies (BOPs) we offer.

As part of a Business Owners Insurance insurance quote, Grillo’s professionals typically include:

Property Insurance
- Pays for buildings, equipment, and inventory.
Business Interruption Insurance
- Pays for losses that cause you to close your operation or reduce production for a period of time.
Liability Protection Coverage
- Pays for the harm done by the employees or products to other people or their property.
Crime Insurance
- Pays for the loss of money or securities resulting from burglaries, robberies, destruction, and employee theft or embezzlement.
Liability Insurance
- Pays for lawsuits arising from accidents, selling a product that caused property damage to a customer, if you are accused of offenses such as slander, copyright, or invasion of privacy.

COMMERCIAL PROPERTY INSURANCE

Property Insurance pays for losses and damages to real or personal property caused by specific perils that are indicated on your Policy Declaration. For example, a property insurance policy would cover fire damage to your building or office space. You can also purchase additional coverage for business property, such as:

Boiler and Machinery Insurance
Debris Removal From Property
Glass Insurance
Inland Marine Insurance
Builder’s Risk Coverage

Business Interruption Coverage
Tenant’s Insurance
Crime Insurance
Ordinance or Law Insurance
Fidelity Bonds

The Advantages Of A Business Owners Policy (BOP)

Business Owners Insurance

There is no denying the fact that the success of your business depends on the hard work of you and your team. But one disaster can wipe out all your efforts and take the profits to dust. So, to avoid such a situation, you need to ensure your business; whether it is a small enterprise or a large corporation.

There are insurance companies that have policies that combine protection for all major property and liability risks into one package. You can also opt for separate coverage. Such a policy is called a Business Owners Policy (BOP). Larger companies tend to purchase a commercial package policy. Your Business Owners Insurance quote will take into account the following considerations:

What Is Included In A BOP?

BOPs include property insurance for buildings and equipment owned by the company. If there is any loss of income due to disruption of operation and business because of accidents like fire, it can be covered under the Business Interruption Insurance.

A BOP also covers the company’s legal responsibility for the harm it may cause to others, (bodily injury and property damage) as a result of your company’s negligence. BOP’s can also include professional liability, auto insurance, and workers’ compensation insurance. Earthquake/Flood is not included in most BOPs.

Top BOP Advantages

Includes many needed coverages
Can be very cost-effective
Many of the top insurers offer BOPS
Can be modified to fit your needs

What Is a Business Owner Policy?

A Business Owner Policy (BOP) combines protection for all major property and liability risks in one insurance package. This type of policy assembles the basic coverages required by a business owner in one bundle. However, it is usually sold at a premium that is less than the total cost of the individual coverages. Grillo & Associates agents will serve as your business insurance on Long Island, NY advisors, making certain that your business requirements are met at a price you can afford.

Key Takeaways

A business owner policy (BOP) is a package that bundles basic insurance coverages and is sold at a premium.

A BOP typically protects business owners against property damage, peril, business interruption, and liability.

While coverages vary among insurance providers, businesses can often opt-in for additional coverage, such as crime, spoilage of merchandise, forgery, fidelity, and more.

Insurance providers determine if a business qualifies for a BOP based on business location, the size of the location, the class of business, and revenue.

A business may qualify for special considerations if it meets certain eligibility qualifications.

Understanding Business Owner Policies

A business owner’s policy combines several key insurance products in one and is ideal for small and mid-size businesses. Business owners insurance typically includes Property, Business Interruption, and Liability insurance. Yet, most policies require businesses to meet certain eligibility criteria to qualify. Your Business Owners Insurance quote will consider the best options for your business and your budget and include:

A BOP’s Property Insurance portion is usually available as named-peril coverage. This provides coverage only for damage caused by events specifically listed in the policy (typically fire, explosion, wind damage, vandalism, smoke damage, etc.). Some BOPs offer open-peril or “all-risk” coverage; this option is available from the “special” BOP form rather than the “standard” type of BOP.

Properties covered by a BOP usually include buildings (owned or rented, additions, or additions in progress and outdoor fixtures). The BOP will also cover any business-owned items or items owned by a third party but kept temporarily in the care, custody, or control of the business or business owner. The business property must usually be stored or kept in qualifying proximity of business premises (such as within 100 feet of the premises).

With Business Interruption Insurance included as part of a BOP, the insurer covers the loss of income resulting from a fire or other catastrophe that disrupts the operation of the business. It can also include the extra expense of operating out of a temporary location.

BOPs with Liability Protection will have the insurance company cover the insured’s legal responsibility for damages it may inflict on others. This damage would have to be a result of things done in the normal course of business operations, which may cause bodily injury or property damage due to defective products, faulty installations, and errors in provided services. Your Business Owners Insurance quote from Grillo & Associates will address this and any other contingencies relative to your business.