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Business Owners Package Insurance

Business Owners Package Insurance

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 Business Owners Package 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...