Who is Eligible for BOP?
Business Owners policy only caters small to medium businesses. An eligible business should have less than $5 million in annual sales and have fewer than 100 employees. Here are some types of business that is appropriate for a Business Owners Policy:
- Retail stores (selling either goods or services)
- Office Buildings
- Apartment buildings
- Religious organizations
Business Owners Policy Coverage
General Liability Insurance
This type of coverage compensates you from lawsuits in the event that someone got hurt in your business premises. It not only helps you cover their medical expenses it also protects your assets.
Commercial Property Insurance
It protects your building and also its insides like your furniture, machinery, equipment and items supplementary for your business. There are two types of coverage to choose from we have named peril basis or open peril basis. If you chose named peril basis it will cover your property by a listed of perils such as fires, windstorm, lighting, theft or anything list on your declarations page on the other hand for open peril basis your property will be cover from all risks unless excluded
Business Interruption Insurance
Is also known as business income insurance. This will cover the lost income cause by a peril. The great thing about this coverage is that the coverage will start from the time the peril began until you until you can open and start making money again. Your BOP will not only cover the damages cause by the peril but also cover the net income of your business from your normal operation. Business Interruption also includes coverage for the payrolls for your employees.