(703) 503-3100 | (703) 830-3100 ☰ ˟
Logo
Call Us 703-503-3100 |  703-820-3100
Español
  • Home
  • Coverage
    • Automobile
    • Boat
    • Business
    • Commercial Auto
    • Employee Benefits
    • General Liability
    • Homeowners
    • Life
    • RV
    • Workers Compensation
  • Quotes
  • Blog
  • Resources
    • Carriers
    • Insurance Glossary
    • Refer a Friend
  • Reviews
  • About Us
    • About Hardy Insurance Agency
    • Employee Directory
    • Our Office
    • Privacy Policy
  • Contact
    • Contact Us
    • Join our Newsletter
Auto Insurance

Auto

We browse through a wide variety of coverages and find the right one for you.

Learn More
Home Insurance

Homeowners

We browse through a wide variety of coverages and find the right one for you.

Learn More
Business Insurance

Business

We browse through a wide variety of coverages and find the right one for you.

Learn More
RV Insurance

Boats

We browse through a wide variety of coverages and find the right one for you.

Learn More
Life Insurance

Life

We browse through a wide variety of coverages and find the right one for you.

Learn More
Home > Blog > Who Needs a Business Owners Policy?
WEDNESDAY, NOVEMBER 25, 2020

Who Needs a Business Owners Policy?

Young woman working on a laptop

Business owners face a lot of risks when it comes to launching a company and operating day to day. Accidents, natural disasters, storms and lawsuits can all cost companies thousands or even millions of dollars. This is why business owners invest in a business insurance policy. Not all policies are created equal, however.

A business owners policy is a commercial policy that bundles important coverages specifically geared for small businesses in low-risk industries.

What Qualifies as a Small Business?

The definition of a small business varies depending on your industry. The size of a business is generally calculated based on the number of employees and the annual income of the business. It also matters about the number of your business’ affiliates. If your business has large affiliations that owns 50 percent or more of your business, it may affect how the size of your business is determined.

What is a Low Risk Industry?

Risk refers to how likely you are to file a claim on your insurance policy. The more likely your business is to file a claim, the higher risk your industry may be. There are many different areas of risk, as well. Some industries such as accounting and medicine are considered high risk due to the likelihood of a lawsuit, which would be covered by liability insurance. Other businesses may be considered high risk for injuries or damages, such as entertainment businesses with physical activities.

Low risks industries may include:

  • Sales
  • Tutoring
  • Virtual assistant
  • Customer service
  • Senior care

Be sure to ask an insurance agent about your qualifications as a small or low-risk business.

What Does a BOP Cover?

A BOP should be purchased by a business owner to cover the business as a whole and the employees within. A basic BOP includes two important coverages:

  • General Liability: General liability insurance covers bodily injury and property damage someone else may suffer as a result of everyday work activities, such as someone slipping and falling in your store. This can cover medical bills as well as lawsuits concerning nonprofessional negligence.
  • Commercial Property: Commercial property insurance covers the physical assets of your business such as the physical location and its contents in case of loss or damage due to fire, wind, hail, lightning, smoke, theft, vandalism and more.

BOPs are customizable, as well, allowing business owners to add coverages and set limits as needed for their specific business.

Also Read: Do You Need Business Insurance For Your LLC?

Get A Quote

Posted 11:05 AM

Tags: business insurance, commercial insurance, bop insurance, business owners policy
Share |


No Comments


Post a Comment
Required
Required (Not Displayed)
Required


All comments are moderated and stripped of HTML.

NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2021
  • 2020

  • homeowners insurance(3)
  • business insurance(3)
  • commercial insurance(3)
  • commercial auto insurance(1)
  • home insurance(1)
  • auto insurance(1)
  • car insurance(1)
  • business owners policy(1)
  • workers compensation(1)
  • liability(1)
  • insurance questions(1)
  • independent insurance agent(1)
  • bop insurance(1)
  • renters(1)
  • policy changes(1)
  • officer(1)
  • insurance(1)
  • general liability insurance(1)
  • directors(1)

View Mobile Version

Contact Us Today!
703-503-3100
703-820-3100

Social Social Social Social

Resources

  • Products
  • Customer Service
  • News
  • About Us
  • Refer A Friend
  • Our Carriers
  • Blog
  • Contact Us

Contact Us

10507-D Braddock Road
Fairfax, VA 22032
703-503-3100 
© Copyright 2021. All rights reserved. | Powered by Insurance Website Builder