Business Owners Policy (BOP) in St. Louis MO and Columbia IL
As the owner of a business, you must be diligent and thorough in accounting for potential risks and exposures that could threaten your company’s financial stability and future prospects. After all, even a single error committed by the most experienced professionals could have far-reaching fiscal ramifications. With this in mind, business owners policy (BOP) insurance emerges as a potentially valuable investment.
What Is a BOP Insurance Policy?
A BOP is a type of insurance policy typically intended for small- and medium-sized enterprises that allows policyholders to bundle several key coverages. Business owner policy insurance costs may be lower than if you were to acquire separate policies from different insurance companies, and these arrangements may also offer convenience by limiting the number of parties you work with.
What Does BOP Insurance Cover?
BOPs typically include coverage for many common risks and exposures that may transcend industry lines and unique circumstances. In many cases, BOP insurance coverage may include financial protection from damage sustained by your company’s property, as well as legal costs arising from allegedly being at fault for another party’s losses. Additional features may also be available depending on your needs and the insurance company you work with.
What Is Included in a BOP Policy?
In many cases, the exact contents of a BOP may be customizable, but in most cases, these arrangements are structured to include the following:
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General liability insurance can help pay for third-party losses for which you are at fault, such as a guest’s bodily injuries or a neighbor’s property damage.
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Commercial property insurance may compensate you for losses sustained by your organization’s physical assets, such as its buildings, tools, equipment and inventory.
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Business interruption insurance can provide financial assistance following covered incidents by helping to pay for rent, loans, employee wages and lost revenue.
You may also be able to augment your BOP with additional coverages, such as workers’ compensation insurance and professional liability insurance, although options may vary depending on your insurance company.
With over 60 years of experience serving the St. Louis, Missouri, area, the team at Crawford-Butz Insurance is ready to help you explore the offerings of over 20 top insurance companies and find ideal coverage. Contact us today to learn more or to get a personalized BOP insurance quote.
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