Business Owners Insurance Policy (BOP)

 

 

The Business Owners Insurance Policy (BOP) is intended for main street businesses and combines building, personal property, and liability insurance coverage with other attractive options into one package.   The BOP is an efficient way to provide the business owners insurance coverages that most small businesses need.

We will provide a risks assessment, custom build a Business Owners Insurance Policy that meets your needs, and shop the companies to get the best value for you.   Give us a call, request an email quote, or visit us to get the best insurance protection and services for your business.

Are You Eligible for a BOP?

The two keys to BOP eligibility are type of business and square footage. General examples:

• apartment buildings
• office buildings
• buildings used primarily for mercantile, service or processing purposes
• wholesalers
• contractors
• mixed use, e.g., stores in an apartment building.

Square footage guidelines can relate to overall building space or a business’s rental space. Generally, the cutoff for a Business Owners Policy eligibility is 25,000 square feet; however, this varies between business insurance companies.  We will determine if a business is eligible for a BOP and if the BOP option is the best value.

BOP Coverages

Business Insurance Personal Property Coverage

Business personal property coverage can include:

• a building owners’ business personal property in an apartment building
• office business personal property
• business personal property for merchants, wholesalers, and service or processing organizations
• commercial condo unit owners.

When you own a building, the same Business Owners Insurance Policy must cover both the building and the business personal property. Otherwise business personal property can be insured alone in a BOP. This is good for businesses that lease or rent space.

Different BOP Forms

The BOP named peril form will:

• have coverage for a dozen or so perils such as fire, lightning, windstorm and hail, sprinkler leakage, and vandalism
• usually cost less.

The Special peril form will:

• have coverage for all risks of direct physical damage except as limited in the policy
• have broader coverage than one setting forth specific perils.

Additional Coverages

By nature, the Special form has more coverages built in. The Standard form has approximately a dozen additional coverages.  Among these are:

• debris removal
• counterfeit money orders and paper currency
• increased cost of construction
• forgery exterior glass and lettering (this includes replacement and repair of items on the outside of the building, commonly advertising-related materials)
• collapse and water damage.

Don’t worry, we’re not ignoring loss of business income and extra expenses from a direct insured loss. Frequently a loss from a fire or other insured peril goes beyond the direct damage caused by the fire. Even minor damage can close your business for a long time. This means your business has no income to maintain salaries and other expenses. Don’t ignore loss of income protection!

Insurance Tip.  Business interruption coverage is not a luxury.

Coverage Extensions

Recall that extensions are an opportunity for you to have certain property covered after a loss. Extensions are controlled by:

• a limit on expendable dollar amounts
• an after-the-fact additional premium, or
• a territorial restriction.

The ISO BOP’s make provisions for the following:

• newly acquired property
• personal property off-premises
• outdoor property personal effects (non business property)
• valuable papers and records
• collapse and water damage.

Coverage is limited in these areas. You may need specific insurance to cover one or more of these extension areas for your business.

Exclusions & Conditions

Exclusions and conditions are common in insurance policies. BOP’s are no exception. You’ll find some exclusions and conditions from policy to policy, regardless of the type of insurance. Conditions are normally procedural matters and loss adjustments. Exclusions are matters the insurance is not designed to cover.

Note. Remember an insurance policy must be read as a unit, not as independent paragraphs or sections.

“One policy does not fits all business insurance needs.”  Business  insurance needs are all different.  Everyone has a different type of property, amount of property, location, ownership, and so on. Your insurance coverage protection should closely reflect your risk of loss.   This customized approach allows you to save money– you pay for only the insurance you really need.

Protect Against Liabilities

We will provide a risks assessment, custom build a Business Owners Insurance Policy that meets your needs, and shop the companies to get the best value for you.   Give us a call, request an email quote, or visit us to get the best insurance protection and services for your business.

Premium Financing 

We offer premium financing on any account and for larger accounts we offer payroll reporting.

At Belcher Insurance Agency “70 Years of Serving You 1st” means:

• FREE NEEDS ANALYSIS.We take the time to understand every client’s needs and work hard to provide the best possible insurance solution for the best value.
• EXTRA-ORDINARY SERVICE.We take pride in exceeding the expectations of our clients by providing superior communication, quality service, and delivering the ultimate, exceptional experience.
• WE GIVE OUR CLIENTS OUR CELL PHONE NUMBER! Access to your agent at your fingertip.
• EXCEPTIONAL RESPONSIVENESS.   We respond as soon as possible to client inquiries–most of the time within minutes.
• TECHNOLOGY. We partner with companies that are innovative and remain on the cutting-edge of technology, so our clients may have the convenience of accessing their policy information at anytime, anywhere, any place.
• FINANCIAL WELLNESS. We educate and work collaboratively with clients to bring order to their financial life and to achieve their dreams and goals, as they navigate through the different fiscal stages, such as eliminating debt, asset protection, and retirement planning.
• WE CARE. We go beyond insurance and provide clients with an experience that they will appreciate and services that will help clients improve their cash flow and build personal wealth.
• PARTNERSHIP. Our referral partners will assist our clients with all their real estate needs, such as, buying, refinancing, and investing.

Belcher Insurance Agency is a full-service insurance agency providing Commercial Insurance and Personal Insurance services to residents of Virginia, West Virginia, Kentucky, Tennessee, Maryland, and North and South Carolina including the Southwest Virginia communities of  Haysi, Clintwood, Norton, Pennington Gap, Wise , Abingdon, Richlands, Grundy, Lebanon, Castlewood, Saint Paul, Pennington Gap, Jonesville, Duffield, Gate City, Weber City, Bluefield and Tazewell. Call, request a quote by email, or visit us at one of our offices today for a free, no obligation risk assessment and quote. Let us do the research and find the best value for the Business Owners Insurance Policy you need.

Insurance for Different Business Types

On the right sidebar of this page, we have links to a number of business insurance resources.  Click on any of the different business types to learn more about the insurance coverages for that type of business. Please call one of our commercial insurance agents at Belcher Insurance Agency for any assistance.