Introducing BOP Insurance Policies: What You Should Know in 2020

If you are a business owner, you must get a Business Owner's Policy for insurance in 2020. Taking this step will protect you as a business proprietor if you fail to pay your employees because of potential global catastrophes that might affect your commercial platform operations.
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Here are a few things you should know about BOP insurance policies in 2020.

1. It Is a Package Deal
   BOP policies are usually a package deal. You will get many insurance features for the price of one if you get BOP insurance. Depending on the company, they can offer you Property Insurance benefits for your employees and business interruption insurance, all wrapped in one package. It will help you save a lot of cash down the line.
   
   
2. Small Businesses Usually Qualify
   A BOP commonly applies to small businesses. Because they often have a little capital, they wouldn't be able to afford specific and separate insurance policies. Some, if not all, companies can expand their coverage after some time if and when necessary.
   
   
3. Be Aware of the Scope and Limitations
   Business Owner's Insurance Policies do not cover health benefits for the employees and workers' compensation insurance. These insurance points should be purchased separately. Don't hesitate to contact your local insurance company or establishments to get more information on the different policies that you can get separately.
   
   
4. The Nature of the Business Plays a Crucial Role
   It would help if you also thought about the nature of your business before applying for BOP policies. Remember that not all companies would qualify for this particular type of insurance. For example, if you are all in the manufacturing company and have a factory, chances are you would not be able to get BOP right from the start.
   
   
5. Home Based Enterprises Will Qualify Faster
   Home-based businesses tend to qualify quickly, especially if the owners have less than ten employees to start. Hence, it is wise to consider all these factors because they can hinder or hasten your ability to qualify for a BOP policy.

Conclusion
With these tidbits of knowledge, you will better understand the need for BOP insurance in the coming days. You must get a reliable insurance agent or company to give you proper information and resources regarding potential insurance policies that you can get for business aside from BOP.

Remember that being well informed will serve you well when it comes to making decisions to get as much information as you can about insurance, especially when it comes to 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.