THURSDAY, APRIL 7, 2022
A business owners policy is a useful type of commercial insurance policy geared to cover your business from a variety of dangers by combining coverages for a lower price. Like most insurance policies, you can choose to pay for a BOP through either monthly or annual premiums.
Monthly premiums are perhaps the most common but choosing annual premiums may earn you a discount and overall save you money from your insurer.
How Much is a Business Owners Policy?
The cost of a business owners policy varies depending on several factors, including your:
- Location
- Industry
- Size of the business
- Coverage limits
- Deductible
Since business owners policies are flexible, no one policy is created equal. As a rule, the more coverage you have, the more you will pay for insurance. It is important to get the right coverage for your business, however. A basic policy with general liability and commercial property insurance may not be enough to cover all of the important assets of your business. Additional coverages many business owners add to their business owners policy include:
- Professional Liability: Professional liability insurance covers claims against your business concerning professional negligence that may cause a client to lose money.
- Umbrella Liability: Umbrella liability insurance fills in the gaps left by your other liability policies. If your general liability insurance reaches its limit for a claim, for example, umbrella liability insurance can step in to cover the remaining expenses.
- Commercial Auto Insurance: Commercial auto insurance provides coverage for the vehicles owned or used by the business for work purposes. If your business uses company vehicles or trucks, you may need this insurance to protect the vehicles, drivers, passengers, contents and everyone else on the road. Coverage available under this insurance includes comprehensive, collision, liability, uninsured/underinsured motorist, medical payments coverage and more.
The size and industry of your business matter concerning your premiums as well as your eligibility for a business owners policy. BOPs are only geared for small businesses in low risk industries. Of course, the qualification of a small business may vary depending on your industry, so be sure to speak with your insurance agent about what category your business falls in.
Combining multiple coverages is a great way to save money on your business owners policy premiums. Be sure to ask your insurance agent about discounts you may qualify for and other ways to save money on insurance to protect your business.
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