Business Owners Policy (BOP) in Redwood City, CA
Proper business insurance coverage can help provide financial protection for your organization when unexpected events trigger an insurance claim. A business owners’ policy (BOP) may provide essential insurance coverage at a discount for eligible businesses.
Contact Gordon Insurance in Redwood City, California, to find out whether your business may qualify to purchase a BOP.
What Is Business Owners Insurance?
A BOP is a group of insurance policies that may meet the basic insurance needs of many small and medium-sized businesses. The policies are bundled and provided at a discount.
A BOP may be well-suited to the needs of your business, but not every business can purchase a BOP. Insurers may provide access to BOPs to companies with fewer than 100 employees and less than $5 million in annual revenue. Of course, BOP eligibility criteria vary by insurance company, so it’s essential to contact your agent to find out if our company can purchase a BOP.
What Does a Business Owners Policy Cover?
A BOP typically includes three core policies:
- Property insurance helps pay for damage or destruction of business-owned property and equipment.
- Liability insurance helps pay for third-party claims for which your business is legally liable.
- Business interruption insurance helps cover everyday company bills if you must shut down to allow for repairs after a covered event.
How to Customize Your BOP Coverage
Your company may need more coverage than a BOP typically provides. Depending on your situation, your agent may recommend adding the following coverages:
- Cyber liability insurance
- Commercial auto insurance
- Worker’s compensation insurance
- Employment practices liability insurance
- Equipment breakdown insurance
What Does a Business Owners Policy Cost?
Insurers set premiums for BOPs, so you may pay a different rate for business insurance than a similar company. In general, insurance companies use information about your business and your policy to determine BOP insurance premiums, including:
- Your company’s location
- Your company’s size and annual revenue
- Your claims history
- The value of your company’s property
- Your deductible
Whether you choose replacement cost (RC) or actual cash value (ACV) coverage
Get the Business Insurance You Need
The agents at Gordon Insurance Company can help you understand whether a BOP may be suitable for your company. Contact us today to learn more about your business insurance options and get a quote