Most businesses need basic insurance such as general liability, property and business interruption. Problem is, buying them separately can be expensive and time-consuming.
Wouldn’t it be great if there was one business insurance package with the basics included?
There is. And it’s called a business owner’s policy (BOP). It’s easy to manage and it works out cheaper than buying separate insurance policies.
What’s more, it’s customizable. For example, if you have employees or hold sensitive client data, you can add coverage to fit your firm’s needs.
So, you get everything you need and nothing you don’t.
What does a BOP cover?
A standard BOP can cover:
- The cost of people and property damage claims against you, including medical bills, repairs, replacements, and legal fees and compensation if you’re at fault.
- Building and contents damage caused by fire, theft or other covered disaster. Property insurance covers owned or rented properties, and items such as laptops, phones, tools and other business equipment. You can add coverage for specific items if you need to.
- Your financial losses if something unforeseen stops you doing business. This includes lost income, and moving costs, equipment hire fees and extra rent you might have to pay if you move to temporary premises. Your actual dollar losses/expenses are covered, with no limit, for up to 12 months.
- Repairs to, and replacement of, your equipment if it stops working.
And you can add coverage for:
- The cost of employee-related claims against you. Includes allegations of employee benefit-plans mismanagement, discrimination, wrongful termination, sexual harassment and other kinds of workplace misconduct.
- The costs of recovering from a data breach. These include investigating the incident, informing your customers. Fixing systems and websites, paying government fines, and the legal fees and compensation you have to pay if you’re sued for losing personal data.
Who needs a BOP?
As a general rule, you should think about protecting yourself with a BOP if:
- You run your business from home, a rented or owned office, store or garage
- You could be sued by a customer or an employee
- You have assets that could be stolen or damaged
A BOP isn’t required by law, but some of your clients might need you to have general liability insurance before you start work. Thankfully, it’s included as standard.
If you rent your business premises, your landlord may want proof you have property insurance before you sign your lease. Again, it’s included.
Without the right insurance, if there’s a claim against you, you’ll have to foot the bill. And that can cost a lot.
In fact, paying for legal fees, medical bills, repairs, replacements, lost revenue and compensation could be enough to wipe you out completely.
Who can get a BOP?
Although most insurers offer a BOP, this one’s designed with startups and small businesses in mind.
- You’re starting, or have recently started, a business
- You have up to 20 employees
- Your revenue is less than $1 million a year
… get your BOP from us and you’ll get the coverage your business needs right now.
If you’re not sure a BOP is right for you, get in touch and we’ll talk it through.
How much does a BOP cost?
Even with the coverage a BOP gives you, it usually works out cheaper than buying each policy separately.
For example, general liability insurance on its own typically starts at around $500 a year.
A BOP – including general liability insurance – starts from as little as $250 year. And you can pay in one lump sum or in installments, too.
Read what our customers say about us
I had many things to do to get inspection insurance. Matt guided me through the process making it easy for me. Friendly and prompt and respectful people and service. Thanks
Mr Welch. 06-14-2018
Quick and easy process. Information is clear and upfront.
Insurance Bee's service is great I told them what I needed and it was done no hassle or complication everything was explained to me in terms that i could understand. I highly recommend
Mrs Garcia. 04-16-2018