Leigh Insurance Agency of St Augustine Blog
Your company may need insurance to survive certain unexpected—but possible—challenges. Nobody likes buying insurance. It can be confusing and expensive, and you won't see any benefit unless you have a loss, accident, or claim. But insurance can make or break your business. Without the right insurance, a theft or fire can cause devastating losses. A personal injury lawsuit can leave you struggling just to pay the legal fees and yet many small business owners don't take the time to evaluate their needs and get appropriate coverage.
Business Owner’s Insurance, also known as a business owner policy (BOP), combines protection for all major property and liability risks in one insurance package. This type of policy assembles the basic coverages required by a business owner in one bundle. However, it is usually sold at a premium that is less than the total cost of the individual coverages. BOPs include:
However, not all businesses qualify for business owner’s policies. Eligibility requirements differ among providers. Insurance providers may have requirements regarding business location, the size of the location, revenue, and class of business. Typically, businesses classes eligible for BOPs include retail stores, apartment buildings, small restaurants, and office-based businesses.
The key takeaways to BOPs:
Source: https://www.iii.org/article/what-does-businessowners-policy-bop-cover and https://www.investopedia.com/terms/business-owners-policy.asp and https://www.legalzoom.com/articles/business-insurance-when-you-need-it-and-when-you-dont