What Is a Business Owner Policy?
A business with a publicly accessible office or a storefront requires both property and liability insurance. Many insurance companies bundle these two types of coverage into a single policy referred to as a business owner policy (BOP). While it includes all necessary coverage, it typically sells at a premium that costs less than purchasing each policy type individually would.
While you can add coverage as needed to a BOP, the policy you receive has certain standard coverages. The average BOP offers four types of protection:
- property damage
- named perils
- business interruption
You can add to the BOP many of the variety of commercial coverages, including crime, fidelity, forgery, inland marine, spoilage of merchandise, etc. Some policies let you add the cost of operating out of a temporary location. The named perils usually include explosion, fire and smoke damage, wind damage, and vandalism. Depending on the area, some frequent storm types, such as tornado and hurricane, may be included.
Not all businesses in Oviedo, FL qualify for a BOP. The Wurzel Agency determines this based upon your business’ location, business class, location size, and annual revenue. If a business does not qualify, it may ask for special considerations providing that it meets eligibility criteria. Typically, small- to medium-sized companies purchase a BOP.
The buildings covered include both those owned or rented. It also includes additions and construction of additions as well as outdoor fixtures. Some BOPs not only cover your property but that of a third-party in your care or control, which means it features to a limited extent one of the components of inland marine insurance.
Contact The Wurzel Agency of Oviedo, FL today to learn more about BOPs and learn if your business qualifies. We can help you get started protecting your business today.