The company owner policy (BOP) is really a prepackaged policy made to fit the requirements of your online business. With this particular policy, the insurer provides both property and liability. A BOP offers the ease of one premium in addition to a financial savings. It’s a great insurance option, although not all small companies be eligible for a a BOP. A BOP is made to cover companies having a “low contact with loss”. Should you own or operate one of these simple kinds of business, as well as your business property meets the rules, you could possibly obtain a BOP for those who have a/an:
• Business building under 6 tales or under 100,000 square ft
• Apartment or condo under 6 tales and under 60 units
• Merchant, processing or services office under 25,000 square ft and product sales under $3,000,000 each year
• Contracting business
• Junk food restaurants (with beer and wine sales under 25% of product sales)
• Convenience store (with gas pumps if gas sales are under 50% of product sales)
Bear in mind when you have one of these simple kinds of companies, you might be qualified for any BOP, but carrier limitations still apply. Some companies, for example:
• Automobile sales and servicing
• Manufacturing operations
• Amusement operations
• Residential personal property
• one or two family dwellings
• Banking institutions
– are immediately excluded. Speculate you take a retail clothing store in a tiny 10,000 sq . ft . building (with simply $900,000 in sales), does not cause you to one hundredPercent victorious one for your carrier. Should you offered something similar to real furs or leathers, that might be enough to create your company ineligible. Because the rates for any BOP are very favorable, only companies having a low possibility of loss could be qualified.
Another point you have to consider before choosing a BOP may be the policy limits. Because they are relatively affordable when compared with other kinds of business insurance, BOPs do not have large coverages. The utmost coverage for any building is $6,000,000 and also the maximum coverage for business personal rentals are $3,000,000.
Protecting your company assets against loss is as essential as insuring your house. The liability a part of a BOP pays whenever your visitors get hurt at the office or maybe all of your products injure your clients. The home part covers damages for your property, in addition to, harm to
• Permanently affixed machines and equipment
• Property stored off-site
The BOP is definitely an indivisible policy. Which means that you can’t separate the liability portion in the property portion. You have to pay just one premium for.