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Business Owners Policy- Designed for Small Business Owners

Business owners policy is an insurance package that is specially designed for small businesses. It combines general liability insurance, commercial property insurance, and business interruption insurance in one policy at a discounted rate. <br><br>A business owners policy can be affordable if you handpick the coverages that you need. To get the best quote today, click here: <br><br>https://quotezebra.com/business-owners-policy/ <br><br>

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Business Owners Policy- Designed for Small Business Owners

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  1. Business Owners Policy -Designed for small business owners

  2. What is it? • BOP is a packaged policy designed for small and mid-sized businesses.  • Having a BOP will protect you from having to pay out of your pockets from property damage to loss of business content. • BOP combines general liability insurance, commercial property insurance, and business interruption insurance.

  3. Types of Policy- Coverage Options  • Named perils: The perils explicitly mentioned in the insurance policy like fire, and lighting are named perils.​ • Open perils: The perils that cover all the physical losses and damages unless specifically excluded are known as open perils. ​

  4. Limits for Policies in BOP • General liability insurance limit is separated into “per-occurrence- each individual loss throughout the year” and “per year- combined loss during the policy year” limit. • The commercial property insurance limit is determined by the value of the property that your business owns and wants to secure. • Business income insurance limit is determined by adding the net profit and any fixed expenses over the amount of time your business would reopen after an accident.

  5. What does a business owners policy cover? • Property Damage • Bodily injury (Third party) • Lost income • Libel and slander • Theft and vandalism

  6. Policies You Might Want to Consider for Your Business • Workers compensation insurance​ • Professional liability insurance​ • Commercial auto insurance​ • Employment practices liability insurance​ • Inland marine insurance​ • Commercial umbrella insurance​ • Event insurance​ • Cyber liability insurance

  7. Common Endorsements to Business Owners Policy • Computer equipment • Account Receivable • Hired/non-owned auto • Medical and dental office endorsement • Increased fine arts coverage • Earthquake protection

  8. Common Exclusions from Business Owners Policy • Specific claims that arise from the services you provide • Damage to the client because of the advice you provide • Professional errors • Employee injury • Employee discrimination lawsuits  • Bodily injury to employees • Vehicles used for business • Failure to protect sensitive information • Crime coverage • Any loss due to earthquake • Disability insurance

  9. Factors that Determine the Cost of Business Owners Policy • Coverage limit • Claims history • Industry • Size of business • Value and type of property • Business location • Replacement cost VS actual cash value

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