Business Owners Policy (BOP) Insurance
A business owners policy (BOP) can be a valuable and cost-effective pillar of your company’s loss control measures. These arrangements bundle several common types of insurance together under a single policy, often leading to convenience and overall cost savings for small- and medium-sized enterprises.
At Sonoran Insurance LLC, we’re well-equipped with the knowledge and resources to help you understand BOPs and how they may be one of your company’s most important investments.
What Does a Business Owners Policy Cover?
BOP coverage can provide versatile and multifaceted financial protection for organizations across many sectors. These policies typically offer financial protections that may transcend industry lines or unique circumstances and include the following trio of coverages:
- General liability insurance—This component of a BOP can financially protect policyholders from third-party losses for which they are at fault, such as bodily injuries, property damage and reputational harm.
- Commercial property insurance—This type of insurance can help businesses recoup losses involving their own physical assets, such as structures, electronics, equipment, inventory and furniture.
- Business interruption insurance—This coverage may provide compensation if a company’s normal operations are delayed or disrupted, including helping to recover lost revenue or pay for ongoing expenses, such as rent, loan payments and payroll.
How Much Is Business Owners Policy Insurance?
Although BOPs can generally provide a cost-effective solution to your company’s insurance needs, rates can vary significantly. When assessing your risk levels and quoting a rate for suitable coverage, carriers often consider the following:
- Industry
- Location
- Number of employees
- Business assets and revenue
- Previous claims
- Policy details (e.g., coverage limits, deductibles and endorsements)
Get the Right Coverage
At Sonoran Insurance LLC, we have served the Phoenix area for over 20 years. Our staff will draw on this track record to help your company secure a BOP tailored to its unique needs. Contact us today to learn more or to get a BOP quotation.