Business Owner’s Insurance Policy

Businesses are always exposed to a number of risks that are related to the production, security of the employees, fluctuation in the market and a number of other risks. The Business Owner’s Insurance Policy has been designed by a number of insurance companies to provide coverage for all these risks.
There is several business policies that are offered to the business owners to protect them from various risks related to the businesses. The insurance companies generally provide coverage for liability, property and workers compensation. Apart from the workers compensation, the other two insurance plans are provided in a combined package known as Business Owner’s Insurance Policy or BOP.

These policies are gaining popularity because both liability and business property are covered for a single premium.The small businesses and the mid–sized businesses are provided with BOP.

The big businesses are exposed to higher risk and these businesses are not considered for Business Owner’s Insurance Policy.

These policies are provided according to a certain standard that consists of the following:
Size of the Business Premises
Type of Business
Extent of Offsite Activity
Required Limits of Liability

The premium of the Business Owner’s Insurance Policy may vary according to the insurance company, but the premiums are based on some common factors that include all the above said criteria.
Additionally, the following factors are also considered for determining the BOP premiums:
Business Locations
Financial Stability
Security Features
Building Construction
Risk of Fire
The Business Owner’s Insurance Policy provides coverage for a number of factors that includes the following:
Protection of Office Property
Any Other Property Kept in the Office
Protection against Fire
Coverage against Theft
Coverage for Loss of Income in Emergencies
Coverage for Disaster Related Losses
Coverage for Operating Expenses

The Business Owner’s Insurance Policy provides the business owner with the opportunity to determine their own liabilities and coverage for the business. These rates are determined according to the value of the assets. These policies provide coverage to the businesses against any kind of lawsuit.

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