Many small and mid-sized businesses qualify for a helpful insurance bundle called a Business Owners Policy (BOP). A BOP includes the four most commonly purchased commercial policies for a lower premium cost than buying them separately. Let’s look at what a BOP gets you, the Shelton, CT, business owner.

Goodies Inside a BOP

A BOP includes perils, property, liability, and business interruption coverage. These four policies provide the protection a business needs to protect itself financially.

Perils insurance covers damages caused by any peril named in the policy. Examples include tornadoes and earthquakes.

Property damage insurance reimburses the insured for damage caused to personal property or business property. This could come from unique situations, such as a car driving into the plate-glass window of the business.

Business liability covers your business’s culpability if an accident occurs at your place of business. It also provides financial protections against your liability if you are found at fault for an accident or if your product causes physical or mental harm.

Business interruption coverage compensates when a named peril causes the business to shut down temporarily. For example, if a hurricane damaged the business’s building, requiring repairs before employees could enter and open for business, this coverage pays the lost revenue.

Which Businesses Qualify for BOPs?

Your business may qualify if it owns assets, maintains a physical location, generates less than $5 million in revenue, and employs less than 100 individuals. Some types of businesses that meet these criteria don’t qualify, so ask your insurance agent at Goodman Insurance Inc.

The BOP as a Foundation Policy

Many businesses in Shelton, CT, require other insurance policies to cover their financial risk fully. Your insurance agent can help you add customized coverage to your BOP. Some businesses need forgery insurance, while others require commercial auto coverage.