Every business needs a quality business insurance portfolio. However, because every business is entirely unique and has multiple insurable assets, most business owners must carry a variety of types of coverage. Often, this will mean integrating several different policies into your business model. That is quite a lot to juggle for any business owner. 

For small business owners, the right insurance combination is critical. Still, it is just as much of a benefit to be able to easily manage your plans. After all, you have enough to do building your company into a successful enterprise. You deserve to be able to streamline your plans as much as possible. 

One of the easiest ways for small business owners to get perfected business insurance is to start their portfolio with the foundation of a Business Owners Policy, also known as a BOP. 

BOPs are very diverse insurance packages that countless small business owners can use to achieve perfected coverage. However, their biggest benefit is that they offer convenience both in the terms of their coverage and the costs of the package. They remain customizable to the needs of the individual businesses. 

Let’s take a closer look at the benefits of BOPs, and why you should always start here when looking for perfect coverage for your small businesses. 

What is a BOP? 
Because businesses are home to countless insurable risks and liabilities, there are many different types of business insurance on the market. Most businesses will need several of these to be able to achieve appropriate operating protection. By investing in a BOP, you’ll be able to make this process a lot easier. 

BOPs are essentially packages of insurance that can provide several types of coverage in one place. With them, you will not have to spend a lot of time trying to coordinate multiple policies. 

There are numerous benefits to buying BOPs, such as: 

• BOPs contain several essential insurance benefits in one plan. While each type of coverage is customizable to the policyholder’s needs, the BOP eliminates the long search time often required if you have to buy your policies piecemeal. 
• Though BOPs will offer several types of benefits as standard-issue, they are still able to include other endorsements and coverage expansions that will help the policyholder increase their coverage and make the business more secure. 
• BOPs will contain terms and limits designed to optimize benefits for smaller operations. Though small businesses might have lower liabilities than others, they also have increased need for financial protection. Many small businesses do not automatically have the financial reserves to safeguard themselves against hazard costs. Therefore, the need for this coverage is often tantamount to the business’s survival. 
• When you buy a BOP, you only pay one premium for the coverage, even though you will obtain several types of protection. This is often more affordable than the cost of separate policies. Plus, you won’t have to manage different payment dates for different plans. 

On the other hand, however, BOPs are not for every business. Because they are designed for small businesses, they might not be able to offer the financial limits or liability protection that larger or high-risk operations will need. Still, they are the place to start when you are looking for your perfect insurance package. 

What coverage do BOPs contain? 
You can think of a BOP much like you would a car insurance plan. Auto policies are designed to include several different types of coverage to protect one particular asset—your car. BOPs, likewise, treat the business itself as a single asset. Therefore, it can contain numerous types of coverage that will apply to different risks and liabilities. 

Most BOPs contain three main types of coverage as a starting point: 

• Property insurance will cover buildings you own, their furnishings and most equipment, along with stock or inventory in the business. In case of fires, theft, vandalism, weather damage or related accidents, this plan can reimburse you for your losses. 
• General liability insurance will protect the business in case it makes mistakes that harm others. This plan will help you compensate third parties like clients in case you negligently cause them bodily injuries or property damage. 
• Business interruption coverage will pay you if an unexpected accident causes a halt in your operations. So, if a fire breaks out and you have to make repairs, then you might lose income during your shutdown time. Business interruption insurance can help you recover the lost money and pay overhead expenses that you will still face even though you cannot work. 

Of course, these are only the basic protections that BOPs can offer. You will likely need to augment your protection with other benefits like: 

• Products/Completed Operations Liability Insurance. 
• Umbrella Liability Insurance 
• Commercial Auto Insurance 
• Workers’ Compensation Insurance 
• Surety Bonds 
• Commercial Flood Insurance 
• Cyber Liability Insurance 
• Professional Liability Insurance 
• Employment Practices Liability Insurance (EPLI) 
• Inland Marine Insurance 

Plus, a variety of industry-specific policy options might be necessary, too. That’s why you should work with our agents to determine the right ways to integrate your BOP with other necessary benefits. Some, you can add to the BOP as endorsements. Others, you will need to buy separately. 

Our agents are committed to working with you to determine the BOP coverage that is best for you. If you qualify for a plan, then we can make sure your eventual policy solution matches your needs.