The Business Owners Policy (BOP) is available for the following classes of business: retail, office, service, apartments, wholesale distributors, contractors, and small restaurants, among others. You should concern yourself with specific questions, such as what coverages, limits and deductibles should you buy when looking at a BOP? How much will it cost, and are you protecting your assets and people adequately? Prices are typically based on ISO BOP rating, which allows an insurance company to adequately compile and standardize their rates more efficiently. Most carriers use this as a guidance and then from there customize the rates to their specific needs.
Many companies like the convenience of shopping online
The industry has seen a rise in companies purchasing their policies online because the simplicity of the BOP enables small business owners to select a group of insurance coverages for one low premium in a couple of clicks. A BOP offers the appropriate coverages at a reasonable price, as prescribed by ISO Rating. To decide if the BOP is right for your organization, you need to know what the policy does and doesn’t cover. For example, a BOP provides property coverage for the building, for business office contents in addition to general liability and other coverages. It can be enhanced to provide crime insurance, equipment breakdown, and other key insurance. Standalone coverages can also be purchased, such as Workers Compensation, EPLI, Directors & Officers, depending on the needs of the business.
You can utilize the Internet to put your BOP together to get the best insurance for your organization, as increasingly more businesses are doing. But be sure to understand what you are purchasing. Also, talk to an independent insurance agent who can help you purchase the right combination of coverages under a BOP policy. Most insurance companies have their own BOP with separate eligibility criteria and unique coverages and they an agent can help you through the process.