If you own a business, you should make sure to purchase a Business Owners Policy (or BOP), an essential insurance coverage that provides the protection and peace of mind you need to move your organization forward. Let’s take a closer look at this versatile insurance solution.
What Is a Business Owners Policy?
It’s no secret that packaged services are usually more convenient and easier to manage. This simple but effective idea is the basic concept behind BOPs.
When you purchase a Business Owners Policy, you are actually getting three different types of protection that most small-to-medium businesses need:
- Property insurance: This covers the commercial buildings and movable property owned or used by your company.
- Business interruption insurance: Helps cover the loss of income caused by a catastrophe that forces you to shut down unexpectedly.
- Liability insurance: Protects against lawsuits and injuries should your company be held responsible for damage caused to others.
These three coverages are the main components of a Business Owners Policy. However, since no two companies are the same, you should consider customizing your policy with one or more riders (provisions that add specific benefits to a basic insurance policy).
The take-home point is that by saving you the trouble of purchasing separate policies to cover three common risks, BOPs take much of the hassle out of protecting your business.
The Limits of BOPs
Keep in mind that while BOPs are extremely convenient, they cover only some of the risks you face as a business owner.
Depending on your industry and your location, you may still need separate policies for other risks, including:
- Damage from earthquakes
- Professional liability
- Auto insurance
- Workers compensation
- Health and disability insurance
- Key employee insurance
- Among others
The good news is that a capable and knowledgeable insurance company like RF Insurance Services can help you assess your unique risk profile and get the best coverage at the most convenient rates—get in touch today!
RF1 Insurance Services: Customized Business Owners Policy Insurance in Ontario, California
Looking for a Business Owners Policy in Ontario, California, or anywhere else in the Golden State? Our friendly experts at RF Insurance Services stand ready to meet all your commercial and personal insurance needs.