Business owners insurance, also known as BOP insurance, is a policy that combines both property and liability coverage into one package. It’s popular among a variety of small and medium-sized businesses such as restaurants, wholesalers, retail stores and contractors.
As the owner of a small business, you have many of the same concerns about protecting your business as large corporations do but likely without the resources to manage it.
A business owner’s package (BOP) is the solution for you – an all-in-one policy that includes commercial property, general liability, business interruption, and crime insurance at one economical price. If you’re a business owner, you may be able to get additional coverages to customize your policy based on your specific operation and needs.
What Business Owners Need to Know
Insurance for Small Business
At SGB insurance, we combine a number of insurance coverage’s to give you the best contract. We combine coverage for the major property as well as liability insurance. This coverage for small business is known as a Business Owners Policy. Within the business, owners policy contains four main types of insurances most small businesses definitely need.
Major Coverage’s
Property insurance- coverage for property that could be lost or damaged. Property insurance covers the building and structure and also includes personal property within the structure such as furnishings, inventory, raw materials, and business equipment.
Liability insurance– Coverage of a business in the case that they are sued. Customers may sue if they believe they had a defective product, unsatisfactory service, or any disregard in their service from a business. Liability insurance pays damages if the business is found liable as well as defensive fees, including the cost of an attorney or medical bills charged at the business.
Business Auto Insurance-Coverage for vehicles owned by a business. Pays for any damages resulting to an automobile, injuries, or any other liabilities for which a business is responsible for.
Workers Compensation Insurance– Coverage that pays for medical care and replaces lost wages to an employee in the case that they die or are injured during employment, regardless of who is to blame for injury or cause of death.
More suggested business Coverage includes
Errors and omissions insurance- Coverage if a business involved in giving advice, making designs, or representing others in the case that a customer believes a business failed to perform their job properly. This insurance covers business liability, even if there is no wrongdoing by the business.
Employee Practices liability insurance- Coverage for a business if they are liable for violating Employees civil and legal rights. Coverage includes defense costs.
Directors and Officers Liability Insurance- protects directors and officers of not- profit organizations and corporations in case there is a lawsuit in regard to a business managing a business without proper regard.
Key Employee Insurance– Life or disability insurance includes compensation in business if key employees were to die or become disabled.
Umbrella Policies- coverage for any other liabilities to a business. Protection if any underlying policies have been used up and umbrella policies would step in and provide protection beyond policy limits
Just as the name implies, business Bundled Packages Insurance in Bryan and College Station Texas is a means of combining various types of policies together, not only with one insurer but with various multiple line discounts to save money for any insured business.
What are some of the coverages that can be put together with a commercial Bundled Packages Insurance in Murrieta CA?
- Liability – to protect your company when something goes wrong!
- Property – to protect your building and its contents from many risks!
- Boiler & Machinery – to protect the expensive equipment so vital to operations!
- Crime – to protect all of your property from damage when a crime is committed!
Jones & Associates Insurance offers a number of different options designed for various unique industries that could benefit from Bundled Packages Insurance in College Station TX. Our bundled services include:
- Bed & Breakfast
- Business Owners
- Commercial Package Policy
- Farm & Ranch
- Landlord Package
- Public Entity
Just like personal insurance, commercial insurance can seem overwhelming, confusing, and foreign.
A note from SGB Insurance
Here at SGB Insurance Agency, we specialize in business insurance. Come see us today and see how we can help combine insurance policies to make the best fit and deal for you and your business.
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