Business Owners Policy (BOP) in Raleigh, NC
If you own a business, you need insurance to protect your company from costly and unexpected losses. Certain small- and medium-sized businesses may be eligible for a business owners policy (BOP), which bundles multiple essential business coverage into one convenient package, often at a discounted rate.
Contact Grimes Insurance Group LLC in Raleigh, North Carolina, to learn if your business qualifies for a BOP policy and to learn more about business owners insurance coverage.
What Is a Business Owners Policy?
A BOP combines multiple business insurance coverages into one policy to provide financial protection for your business. It is a legally binding contract between you and your insurance company. They agree to pay for covered losses up to your policy limits in exchange for your premium payments.
What Does a Business Owners Policy Cover?
Generally, a BOP will combine general liability insurance, business interruption insurance and commercial property insurance to provide broad insurance coverage for business owners. Although individual coverages may vary, the following are some common benefits of BOP policies:
- General liability insurance may assist with costs (e.g., legal fees, medical bills) arising from allegations that your business caused third-party bodily injury, personal injury, advertising injury or property damage.
- Commercial property insurance may help pay for lost, stolen or damaged items (e.g., business inventory, business equipment).
- Business interruption insurance, also called business income insurance, may help cover business expenses (e.g., payroll, mortgage) if a covered loss forces your business to shut down temporarily.
Additional coverages may be available. Contact Grimes Insurance Group to learn more about our business insurance options.
Is a Business Owners Policy the Same as Commercial General Liability Insurance?
Often a commercial general liability insurance policy (or general liability insurance) will be included as one of the coverages in your BOP policy. Review your policy carefully or speak to an insurance agent to understand what’s covered under your policy agreement.
Can Business Owners Get Insurance With Open Claims?
Policies regarding open claims may vary among insurers. If you have multiple open claims, your insurance company may consider you high risk. This could make it more difficult for you to find business insurance, leading to higher rates and an increased risk of cancelation.
How Much Does a Business Owners Policy Cost?
The cost of your BOP premiums may vary depending on various factors such as the following:
- Business size and location
The agents at Grimes Insurance Group can help you get started with a BOP insurance quote.
How Do I Get a Business Owners Policy?
We’re here to help you find the right insurance for your needs. Contact Grimes Insurance Group to learn more about our BOP coverage and to speak to an agent.