What is a Business Owner's Policy (BOP) and How Can it Protect Your South Florida Business?
So, you have taken the first step and opened up your own business. It could be a restaurant on Atlantic Ave. in Delray Beach or a pool cleaning company in Deerfield Beach. You have poured your heart, soul, and money into your startup, and now you need to figure out how you are going to protect it.
Your dream deserves the best coverage that you can afford. As a new business owner you have many options, but not all will fit the bill for ultimate protection. You may need a BOP! Don’t laugh...read on and learn why a BOP may be the best thing for your new South Florida business.
How Can I Protect My Business?
A Business Owner Insurance Policy (commonly known as BOP insurance) is the perfect solution that offers complete coverage for small-to medium-sized business owners in Broward and Palm Beach Counties.
A business owners policy caters to the needs of smaller businesses. This type of policy is better known as a "package" policy, because it eliminates the need for individual coverage selections. In fact, a business owners policy is comprised of several essential base coverage types that are necessary for any commercial business entity.
What is a BOP?
As a package policy, BOP insurance is known as comprehensive business owner insurance. Instead of selecting which coverage types to include, a business owners policy automatically includes coverage for any buildings, contents, business interruption coverage, and liability.
Coverage for the building includes insurance for the structure and any permanently attached fixtures. The contents coverage would protect any business personal property and customer property, to a certain limit. Business interruption coverage would provide monetary compensation for the business owner's inability to perform business as usual. While liability is necessary to protect any customers, clients, etc.
In addition, a business owners policy does not provide worker's compensation, errors and omissions, or directors and officers insurance. Those specialty types of insurance must be purchased on a separate policy.
How Do I Purchase BOP Insurance?
Business owner insurance is most easily purchased through our commercial insurance agents here at All Risk Insurance in Boca Raton. We have access to a variety of markets and insurance providers so you get the best BOP quote possible.
Multiple business owner policy quotes can be performed simultaneously, providing a plethora of options at various price points. Most local agents that quote BOP coverage do so routinely for the following professionals:
Plumbers and A/C HVAC
These classes of risk have unique needs that general liability policies simply won't cover adequately. In addition, the pricing of a BOP is much more affordable for small business owners, due to the simplicity of this comprehensive policy.
Statistics show that approximately 3.2 million small businesses were operating in Florida in 2018. The law of large numbers allows pricing to be moderated for a pool of risk that is this large in size.
As stated by All Risk Insurance Group agency owner - Lisa Pacillo - “It doesn’t take much time for us to review your business insurance to see if you would benefit from the added protection of a business owner's policy."
It literally takes minutes to get a BOP quote and apply for coverage that would save your entire business and livelihood in the event of a catastrophic loss.