Business Owners Policy (BOP) in Fair Lawn, NJ
Owning your own business can be rewarding, but it also comes with risk. A business owner’s policy combines multiple forms of business coverage insurance to protect your business from costly losses.
Let us help. Contact Suburban General Insurance Agency in Fair Lawn, New Jersey, to learn how our business insurance coverage can protect your business.
What Is a Business Owner’s Policy?
A business owner’s policy, commonly referred to as a BOP, typically bundles commercial property insurance, general liability insurance and business interruption insurance into one convenient package. By combining multiple coverages into one policy, eligible business owners can usually receive BOP coverage at a lower cost than they would pay for these coverages separately.
What Is Covered Under a Business Owner’s Policy?
Generally, your BOP can help pay for costs arising from liability claims, business interruption and property and equipment damage.
Here are some common BOP coverages:
- General liability insurance can help pay for costs, such as legal fees and medical bills, associated with allegations that your business caused third-party harm (e.g., personal injury, bodily injury, property damage, advertising injury).
- Business interruption insurance, also known as business income insurance, can cover your business expenses (e.g., rent, lost income) if a covered loss event forces your business to shut down temporarily.
- Property insurance can help pay to repair or replace lost, stolen or damaged business items covered under your policy (e.g., inventory, buildings, equipment).
Additional coverage may also be available as endorsements to your BOP policy. Contact Suburban General Insurance Agency for more information on BOP coverage.
Who Needs a Business Owner’s Policy?
If you rent or lease the building your business operates out of, your landlord may require you to carry property and general liability insurance. Although BOP coverage is generally not strictly required, it is often considered a good idea as it can protect your business from costly lawsuits and other business losses.
To qualify for BOP coverage, your business must meet specific requirements. Contact Suburban General Insurance Agency to learn if your business is eligible for a BOP policy.
How Much Does a Business Owner’s Policy Cost?
The cost of your BOP insurance will vary depending on numerous factors. Here are some of the variables that your insurance company may consider when determining your rates:
- Business size and location
Call Suburban General Insurance Agency to get a BOP quote.
How Do I Get a Business Owner’s Policy?
Finding the right insurance for your business takes time and effort. That’s why we’re here. Contact Suburban General Insurance Agency to speak to an insurance agent and learn more about the services we provide.