Business Owners Policy in Vermont
Though your business is unique, many of the risks you face are common. Like many Vermont businesses, the most likely insurance claims you make will fall to your property insurance or general liability coverage. For low-risk businesses, a business owners policy (BOP) is a way to combine these policies to reduce your premium costs and simplify the insurance process. Often these policies can be customized for broad insurance protection.
Standard Business Owners Policy Protection
Regardless of your industry, there are certain insurance claims that are fairly universal. Common losses for a business include:
- Storm damage
- Customer injury on your property or job site
Since these are common risks to most businesses, they are typically covered under standard policies: property damage and general liability. A BOP combines these essential policies into a single package, at a discount, for your convenience.
Some BOPs also offer business interruption insurance coverage. If your business is forced to temporarily close due to a covered event, you may be reimbursed for your expenses during repairs. This can include rent, utilities, salaries, and lost income, depending on your specific policy. This helps you resume business as soon as possible.
Customized for Your Vermont Business
BOPs can often be customized to provide broad protection tailored to your business. By adding additional coverage, you can have more comprehensive and seamless coverage, while still receiving discount package pricing. Each BOP carrier has its own list of optional policies and may include coverage such as:
- Cyber Insurance
- Professional Liability
- Inland Marine
- Hired Non-owned Auto
- Liquor Liability
- Employment Practices Liability
Your carrier may have packages developed for risks common to your industry. Your agent can help you determine which BOP is best for your unique business.
Not all types of policies can be included in your BOP, but are important and may even be required by law. The two most common examples are workers compensation insurance and commercial auto coverage. If you require these coverages, you must purchase them separately from your BOP.
A business owners policy is a convenient and affordable option for qualifying Vermont businesses. By grouping the most commonly used insurance policies into a single package, you can save money and reduce dangerous coverage gaps. Ask your insurance agent if a BOP is right for your business’s insurance needs.