What is a Business Owners Policy?
Many small businesses in Vermont are exposed to a common set of potential risks. One way businesses can mitigate these risks is by purchasing a business owners policy.
Business owners policies are a special type of commercial insurance. They’re package policies that combined foundational coverage to offer a sound and affordable level of protection.
What Coverages Do Business Owners Policies Offer?
The exact combination of coverages offered may vary from one business owners policy to the next, but most offer at least a few of the following protections:
General Liability Insurance, which might cover common accidents and false advertising lawsuits
Commercial Property Insurance, which might cover land and/or buildings that a business owns
Commercial Auto Insurance, which might coverage vehicles a business owns
Cyber Liability Insurance, which might cover online threat and data breaches
Business Interruption Insurance, which might cover certain prolonged revenue decreases
Do Business Owners Policies Come with Workers Compensation Insurance?
Business owners policies normally don’t have workers compensation insurance, but insurance agents who are familiar with BOPs can usually also help with workers compensation. Any business owners who have employees or want workers compensation for themselves should talk with a knowledgeable agent about getting a stand-alone policy to supplement their BOP.
What Businesses in Vermont Need Business Owners Policies?
Many small businesses in Vermont can benefit from the above-listed coverages and therefore, may benefit from getting a BOP. This is often the most affordable way to get essential coverages, for insurance companies often offer substantial discounts when multiple coverages are combined into a single BOP.
Businesses that have additional insurance needs might want to consider a commercial package policy rather than a BOP. CPPs tend to have more coverage options that offer more extensive protections. An insurance agent who specializes in both types of coverage can help business owners who are unsure which of the two options is better for their business select the more appropriate choice.
Are Large Businesses Eligible for Business Owners Policies?
Large businesses often have specialized insurance needs that business owners policies aren’t designed for, and bigger businesses sometimes need higher limits than BOPs offer. Thus, many larger businesses may need a commercial package policy or other more robust policy.
Just as they can help small businesses select the right type of policy, an insurance agent can also help larger businesses determine whether a BOP will meet their needs.
Are Business Owners Policies Expensive?
Business owners policies are generally quite affordable, especially considering the fundamental protections they provide. While exact rates vary, having one of these policies in place normally costs much less than facing a major claim without any coverage in place.
How Long is the Application Process for Business Owners Policies?
When working with an experienced and independent insurance agent, finding a BOP is normally a straightforward and relatively quick process. After gathering some basic information about a business and making coverage recommendations, an independent agent can request quotes from multiple insurance companies. Once these quotes are compared, business owners can select one and usually have coverage in just a short time. Insurers may occasionally request additional information, which may delay when a policy goes into effect, but even these delays are navigable with the assistance of an agent.
How Can Businesses in Vermont Get a Business Owners Policy?
For help finding an affordable business owners policy that’s suited to your business’ needs, contact the team at T.S. Peck Insurance. Our independent agents have helped many Vermont businesses select BOPs, and we’re here to assist you too.