Business Owners Policy (BOP)
Business Owners Policy (BOP) Quote Form
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Business Owners (BOP) Quote Form
Business Owners Policy (BOP) Information
Make the Smart Choice...Choose Rising Star Insurance Group.
A Business Owners Policy or "BOP" is a policy that combines property, liability and business interruption coverage's for small- to medium-sized businesses. Coverage is generally cheaper than if purchased through separate insurance policies.
Your goal is to contain costs, boost productivity, minimize risk, and enhance your company’s bottom line. You can achieve all of these through careful management of your human resource, benefits and asset protection programs.
Put the skills and experience of Rising Star Insurance Group to work for you…and watch your strong company become even stronger!
BOPs for Texas Small Businesses
If it were its own country, Texas would have the world’s 9th largest economy, and it’s an economy that is driven by small businesses. Not only do small businesses make up more than 99% of Texas companies, but they also employ more than 45% of the state’s workforce. To protect themselves, their employees and their financial security, any small business owner needs the right insurance in place.
The most convenient way for smaller businesses to get effective, comprehensive business insurance is to buy a business owners policy, also called a BOP. At Rising Star Insurance, our expert team can help you evaluate your company risks to decide how to tailor you BOP precisely to your assets and liabilities.
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Common Business Owners Policy Questions
A BOP is a package of insurance coverage designed with the small business owner in mind. When you buy a BOP, you’ll have protection against numerous hazards and liability that might impact your business’s property, possessions or overall financial stability. With it, you can afford to pick up the pieces of your losses without a huge financial loss that might destabilize the business.
Often, BOPs are the best insurance solutions for businesses with lower revenue streams, payroll numbers and liability risks. With them, you won’t have to buy and pay for multiple policies just to get essential coverage. Instead, you can pay one price to have several types of protection in one place.
Most BOPs contain three types of coverage:
A sudden, unexpected hazard might damage your business at any time. You never know when a fire, severe weather, vandalism, theft or another problem might arise. When they do, however, property coverage can help you pick up the pieces. With this coverage, you can replace or repair your building, furnishings, equipment, stock, machinery and even certain personal possessions.
General Liability Insurance
If you harm someone else as a result of your mistakes or negligence, this coverage can help you repay them. Most policies pay for a variety of third-party injuries or property damage. So, if a client were to fall in your business, get hurt and then sue you, then this coverage can help you compensate them.
Business Interruption Insurance
Should a covered workplace hazard cause you to have to shut down for a time, then you might lose critical revenue and have a hard time staying afloat. Business interruption coverage can help you recoup some of your financial losses. That way, you can reopen in a more stable financial position.
You can also often augment your BOP with additional protection, such as:
Workers’ compensation insurance
Errors & omissions coverage
Commercial auto insurance
Directors & officers coverage
Cyber liability coverage
In many cases, you can add some of this additional coverage into your BOP using endorsements. However, other policies you will have to buy separately. Your agent is happy to help you figure out the right route to take to receive the most comprehensive protection.
Often, it is easier to buy a BOP than to try to buy separate property, liability & business interruption coverage. You will only pay one premium for a BOP, which often falls between $1,000 - $1,200 per year.
When enrolling in your BOP, your insurer will develop a risk rating that shows how likely you are to file a claim on you BOP. The higher your risk of filing a claim, the more you are likely to pay in premium costs. Some of the factors that can influence your premium include:
The coverage limits you select
The size of your business and payroll
Your history of filing business insurance claims