Business Insurance


Business Owners Policy Insurance

If you’ve been scouring the internet for business insurance, then you know there is a ton of options. But you’re here because you need to find the best insurance option for you, and you’ve heard of a business owners policy or “BOP,” and are wondering if it’s the right choice for your business.

Fortunately, for small to medium businesses, BOP insurance provides a lot of critical protection. But is a BOP right for you? That’s where an independent insurance agent can help you decide. But first, let’s chat a little more about BOP insurance.

What Is Business Owners Policy Insurance?

A business owners policy is insurance that allows businesses (that meet certain criteria) to combine coverage from multiple policies into one convenient package. BOPs are created for businesses that face similar risks and often appeal to small and medium-sized businesses. However, larger companies can purchase a commercial BOP package and customize it to fit their needs. These days, there’s a BOP for most mainstream businesses, from hair salons to hardware stores, which makes the process easier.

BOPs are low-cost solutions for low-risk businesses. These policies are a surefire way to protect your business’s livelihood by combining protection for liability risks and commercial property together in one bundle. BOPs are also typically sold at a discounted premium when compared to purchasing all these individual coverages separately. An independent insurance agent can provide you with even more insight into these convenient policies.


Why Do I Need a Business Owners Policy?

Every business needs insurance, but separate policies can get pricey. Sometimes a BOP is less costly than individual policies, which is why it’s appealing. Furthermore, if there is damage to your property or the property of others, employee theft, mechanical difficulties, or an everyday accident at your business that causes a loss of income, a BOP can keep you from having to close your doors as a result of the expenses related to these events. 

Terrible things can happen if you don’t have a BOP, such as:
  • Financial ruin: There’s no reason to risk paying out of pocket and possibly going bankrupt, when you could just purchase a BOP that’s fairly inexpensive.
  • Lawsuits: Legal issues can not only be costly, but they can also be very time-consuming, so one accident has the potential to completely bring down your business.
  • Losing your stuff (or other people’s stuff): Recovering the costs of theft, damage to buildings, or broken equipment could send your company into a downward spiral.

At the end of the day, BOPs are designed to offer many crucial coverages for businesses of all kinds in one convenient package. BOPs are also topped off with specialized coverages that apply to your unique business niche, to give you the full picture of protection you need.

workers' compensation

What is workers' compensation insurance?

Worker’s compensation insurance, also called workers’ comp insurance, helps cover medical expenses and lost wages for small business owners if an employee is injured or becomes sick. This coverage can include rehabilitation services and death benefits too. Workers’ compensation insurance is also called workman’s compensation or workman’s comp.

Workers’ Compensation Insurance–Benefits For Employees

Mandatory workers’ compensation insurance helps you and your employees. For employees that are injured or become ill because of work related events it can help cover:

  • Medical bills
  • A portion of lost wages
  • Funeral expenses if a work-related event results in a death
Workers’ Comp-Benefits For Your Business

Accidents happen, but workers’ comp helps give your business a safety net. In addition to helping cover medical bills and lost wages, the coverage may help with:

  • Vocational rehabilitation services to help get your employee back to work
  • Help with legal costs in the event of a lawsuit

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