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Arnold, Bruce & Doerfler Insurance Blog

How Having a BOP Can Affect Your Small Business

4/6/2020

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​If you are a small-time business owner, you might have already heard of Business Owners Policy (BOP). You might also be aware of how such a policy was made to deal with protecting a small business in case needed. To know more about how BOP can help your business, here are a few pointers to help you decide whether or not to get one.
Advantages of Business Owners Policy
When you sign up for a BOP, the insurer will require you to pass BOP Forms, common conditions section, endorsements, and a declaration page. These are the standard requirements set by the Insurance Services Office (ISO). Upon signing up, you can enjoy two significant benefits for your business: price and coverage.

With BOP, you can get massive coverage for your business while only having to pay low amounts for premiums. The agreement also covers two sections: the property section and the liability section. Under the property section, business income not included in the commercial property policy can be covered. On the other hand, the liability section can offer coverage for the same ones stated in the ISO commercial general liability (CGL).

Disadvantages of Business Owners Policy
Using different endorsements, the BOP is flexible enough to be expanded or altered. However, having a standard package policy is still more flexible. With the BOP, only general liability and property are covered. While on the standard package, other coverages like professional liability, crime, inland marine, commercial auto, general liability, and commercial property are included. Aside from this, it is easier to find endorsements that will allow you to alter the standard package than the BOP.

On the bright side, if you find the right insurer, they can help you add employment practices liability or professional liability to your BOP.

Eligibility for Acquiring Business Owners Policy
Upon deciding that you need a BOP for your business, there are specific requirements you must have. Although it varies depending on the insurance provider, many companies are listed as eligible. Small stores like retail stores, barbershops, and print shops are only some of the common examples. Cafes and restaurants that perform minimal cooking are also included. However, there will be restrictions for the size of the building and the nature of the work.

When you are starting a new business venture, it is essential to know what kind of protection you might need for your business. Talk to an insurance agent today to know more about BOP and how you can get one for your business.

At Arnold, Bruce & Doerfler Insurance, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (503) 222-1951. Get your free quote today by CLICKING HERE.
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