A business owner’s insurance policy (BOP) is a bundled package of individual insurance products meant to provide comprehensive insurance coverage to small- and medium-sized business owners. (See our previous blog post all about BOP).
BOPs vary in their structure but most commonly include: property insurance, business interruption insurance, liability insurance, and crime insurance.
Business owner’s insurance policies are tailored to the needs of a particular business, which is why it is nearly impossible to provide even an approximate price quote for a BOP.
For instance, a nail salon and a fitness gym will have very different BOPs. Even if their BOPs contain the same types of insurance, the cost of each individual insurance product will be different. You can bet that property insurance for a large fitness gym filled with expensive equipment will be more expensive than a small nail salon. Liability insurance is also likely to be much higher for the gym than the nail salon.
There are a large number of factors that go into putting together and pricing a business owner’s policy. An insurance broker will first need to determine what types of coverage a particular business owner needs.
The price of each insurance product within the overall BOP will be determined based on the unique characteristics of your business (ex. Projected gross sales, projected payroll, number of employees, size of the location, the value of equipment/contents, etc.)
Building a BOP is an easy process, and we think it is well worth it for small- and medium-sized business owners in Southern California. Bundling all of your major insurances together into a BOP not only simplifies your life and helps you fully protect your business, but it can also result in substantial cost savings.
At Fusco & Orsini Insurance Services, we excel at assessing the needs of our clients and putting together cost-effective BOPs that will keep their business fully protected from the most common disasters.
The best way to learn how much a business owner’s insurance policy will cost for you is to contact an insurance brokerage and schedule a consultation with a broker. We at Fusco & Orsini would be glad to assess your business, help you determine what your particular BOP might look like, and provide estimates on how much a BOP policy would cost for you.
To schedule a free consultation, call or text us at (858) 384-1506 or contact us through our website.