Business Owners Policy (BOP) in Boyertown, PA
Combined Coverage for Special Advantages
If you own your own business, you’re probably aware of the risk of unexpected losses. Accidents at your business property can quickly lead to costly out-of-pocket expenses, potentially bankrupting your business. A business owners policy combines multiple types of business coverage into one convenient policy that can help protect your business from financial hardship.
We’re here to help you find the right business insurance coverage for your business. Contact Gerhart, Hartman & Ritner Ltd. in Boyertown, Pennsylvania, to learn more about our business owners policies and to speak to an insurance agent.
What Is a Business Owners Policy?
A business owners policy (BOP) can provide essential business coverage for eligible companies. Generally, BOPs combine business interruption insurance, commercial property insurance and general liability insurance. By purchasing these coverages together, business owners are often able to get broad-range insurance protections at a discounted rate.
Business owners policies are available for certain small- and medium-sized businesses. Ask your insurance company if your business qualifies for BOP coverage.
What Does a Business Owners Policy Cover?
Although individual insurance coverages vary, here are some of the common benefits of business owners policies:
- Business interruption insurance—This policy, also called business income insurance, can help cover your business expenses (e.g., lost income, payroll) if your company shuts down temporarily due to a covered loss event.
- Commercial property insurance—This policy can help pay for lost, stolen or damaged items (e.g., business equipment, business furniture inventory).
- General liability insurance—This policy can help pay for liability claims (e.g., medical bills, defense costs, legal fees) arising from allegations that your business caused third-party bodily injury, personal injury, advertising injury or property damage.
If you want to extend your business coverage, ask your agent if additional coverage options are available as endorsements to your business owners policy.
Who Needs a Business Owners Policy?
BOP coverage is usually optional. However, some landlords will require it if you rent or lease your building property. A business owners policy may be particularly beneficial if you operate on a tight budget—BOP coverage is often less expensive than buying the same coverages separately—or are looking to protect your business from costly losses.
How Much Does a Business Owners Policy Cost?
Every business faces unique risks. For this reason, there isn’t a one-size-fits-all policy for BOP coverage costs. Most insurance companies will look at numerous business factors when determining the cost of your insurance policy.
The following are some factors your insurer may consider when determining your insurance rates:
- Business size and location
The agents at Gerhart, Hartman & Ritner can get you started with a free BOP insurance quote.
How Do I Get a Business Owners Policy?
At Gerhart, Hartman & Ritner, we understand the importance of protecting your business from lawsuits. Contact us today to speak to an insurance agent and learn more about our business owners insurance.