What is a BOP and why would you want one?
When you approach Elliott & Associates Insurance serving Opelika, AL about commercial insurance policies, you’ll hear about the most essential coverage first. Most businesses require four basic policies to start with and the insurance industry bundled those into a package called the business owners’ policy (BOP).
A BOP bundles the four most common types of business insurance – perils, liability, property damage, and business interruption – for a reduced premium cost. You can add to it, letting you create a custom commercial policy that uses the BOP as its foundation. This saves your business money.
You can add any type of coverage to your BOP, including commercial auto, boiler, errors and omissions, malpractice, etc. You can add any type of commercial insurance to a BOP. Because the BOP premium always costs less than purchasing the four foundation policies separately, even when you add the other policies, your commercial coverage costs less than it would have if you had bought the other four separately.
A BOP policy works for any type of business – retail, home, entrepreneur, solopreneur, manufacturing, etc. While some types of commercial policy like malpractice can only be purchased by a lawyer or doctor, every business needs perils, liability, property damage, and business interruption.
This might surprise you since home insurance provides liability coverage. It does not apply to doing regular business at your home though. When you begin storing products at home or holding meetings there regularly, you need commercial insurance to cover you.
The same is true of driving your personal vehicle. As soon as you begin using it with regularity for business purposes, such as delivering cakes or picking up items to emboss or engrave, you no longer can apply your personal auto insurance to an accident. Your vehicle needs a commercial auto policy. This, too, you can add to your BOP.
Contact Elliott & Associates Insurance serving Opelika, AL for more information on commercial insurance policies. Let us help you protect your business investment.