As the owner of a small or medium sized business, you want to concentrate on growing your business. What you don’t want to worry about is insurance.
For many main street type businesses, Hayes Brokers has one insurance policy to cover your two main concerns: property and liability. It is called a Business Owners Package (BOP) and it includes the property (hazard) and liability (casualty) that you know you need, plus a few extras that you may not know you need until it’s too late.
Advantages of a BOP
When you purchase most or all of you insurance coverage through one insurance company, you often get discounts. A BOP combines two of your main policies at a lower price than two separate policies. This means there are less policies to worry about, and only one premium payment to make.
Some advantages of BOPS are:
- Less expensive that stand-alone policies.
- Include coverage you may not have considered.
- Include additional sublimits not contemplated under a monoline policy.
- One insurance company, one payment.
BOP Bells & Whistles
Some BOP policies include coverage that is more broad in scope or not as readily available on a monoline policy. These may include:
- Business Income & Extra Expense: Actual Loss Sustained (instead of a stated limit)
- Equipment Breakdown
- Ordinance or Law
- Property Under Your Care, Custody and Control
- Employee Benefits Liability
- Hired & Non-Owned Auto Liability
- Blanket Additional Insured
- Blanket Waiver of Subrogation
- Built In Umbrella Coverage
Some insurance companies even have special BOP packages for certain types of business such as pool contractors or beauty salons. These policies include coverage specific to the business being insured.
BOPs Don’t Cover Everything
Unfortunately, BOP policies are not all-inclusive. You will still need policies for Commercial Auto, Workers Compensation, Professional Liability, Health and Disability, and higher limits Umbrella. You will need separate policies for vehicles, employees and professional services.
Does Your Business Qualify for a BOP?
The qualifications for a BOP policy may include the size and type of business, market appetite and many other factors. Contact your Hayes Broker today for a risk management analysis and to discuss if a BOP policy is right for your business.