Why Your Small Business Needs a Business Owner’s Policy

Business owner’s policy covers general liability insurance and commercial property insurance. Also, a BOP costs less than buying policies separately, allowing you to protect your business without spending so much. Moreover, although states don’t require a BOP, purchasing a plan is a smart decision. 
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If you own a small business or rent a workspace, you should acquire a business owner’s policy (BOP). 

The Basics of Business Owner’s Policy
Generally, businesses need general liability and commercial property insurance. These policies are especially beneficial to those who rent or own workspaces, including an office or a commercial space. Moreover, most client contracts require general liability coverage. 

Aside from this, BOPs protect business owners against financial loss resulting from third-party accidents and incidents like fire and theft. Additionally, a BOP is specifically designed for small businesses. If your business qualifies, you don’t only save money but also gain coverage for common claims.

What Does a BOP Cover?
As mentioned, a business owner’s policy covers general liability and commercial property insurance. 

• General Liability Insurance
  General liability insurance provides coverage for the costs you incur from lawsuits filed by people outside of your business. These lawsuits can be a result of bodily injury or property damage caused by your company. Aside from this, general liability insurance also provides coverage for expenses resulting from advertising injuries like copyright infringement.
  
  General liability insurance is typically required for businesses that lease commercial spaces or work with clients who have expensive property. 
  
  
• Commercial Property Insurance
  Commercial property insurance covers the costs you get from repairs or replacement of business property. This includes damaged, destroyed, and even stolen commercial property. Commercial property insurance is helpful if you own a commercial space, equipment, and product inventory. 
  
  Additionally, commercial property insurance is also beneficial for businesses with assets that can easily be damaged by fire or stolen. 

Is Your Business Qualified for a BOP?
Small businesses are generally qualified for a BOP. However, there are certain qualifications a business must meet. Typically, insurance agencies require businesses to have the following:

• Low-risk industry
• Less than 100 employees
• Annual revenue not exceeding $1 million.
• Small business space

Conclusion
Acquiring a BOP for your small business doesn’t only protect you from financial losses. It also helps you grow your business worry-free. 

At Howe Insurance Brokerage, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (435) 674-8771. Get your free quote today by CLICKING HERE.