Business Owners Policy (BOP)
The Business Owners Policy (BOP) is an excellent way for many small to medium sized businesses to bundle your General Liability insurance and Business Property insurance resulting in more benefits and better savings conveniently rolled into one package.
If you own your building, this can be included in the Business Property portion of the policy. If you lease your space, you may still use the Business Owners policy to provide protection for all of your furnishings, inventory, computers and equipment.
Your Business Owners package may be tailored to include Business Income, Business Expense, Crime and Hired and Non-Owned Auto coverage. Depending on the nature of your business, you may wish to include Inland Marine coverage for tools, equipment, and installation.
What factors determine your rate?
While many factors determine the ultimate rate, here are some of the common factors:
The nature of your business
Your claims experience over the past 4 years
How long you have been in business
Your estimated gross revenue over the next 12 months
Your estimated payroll over the next 12 months
The square footage of your premises
Deductibles and coverage options