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    California Business Owner's Policy

    California Business Owner's Policy

    Small business entrepreneurs rely on business insurance to run profitable businesses and protect their employees. SMBs employ approximately half of California's workforce, accounting for over 99% of all small businesses.

    In one insurance package, a Business Owner's Policy (BOP) covers all significant property and liability risks. This type of policy combines all of a business owner's essential coverages into one package. It is, however, commonly sold for a lower price than the total cost of the individual coverage. Read on to know more about California BOP.

    What Business Owner’s Policy Covers In California 

    A company owner's policy combines two policies to cover liability and property hazards, with different levels of coverage depending on your insurance provider. Below are the following coverage points of those with BOP.

    Third-party Bodily InjuryIf a customer is injured on your property, the general liability insurance element of your business owner's policy (BOP) can help cover medical costs and legal costs if a lawsuit is filed.
    Third-party Property DamageA BOP's general liability section can assist with the repair or replacement of damaged client property. It may also cover legal costs if a consumer files a claim for damages.
    Business Property DamageWhen your business property is damaged by fire, theft, or some weather-related calamities, the commercial property insurance element of your BOP can assist pay for the costs of repairing or replacing it.
    Product LiabilityIt is not necessary for property damage or consumer injuries to occur on your or your client's property. A company that manufactures, distributes or sells items might be sued if such products cause injury to people or property.
    Advertising InjuriesBusinesses and employees are covered by liability portions of BOPs if someone sues them over advertising injuries, such as libel, slander, or copyright infringement.

    Requirements For Acquiring A Business Owner's Policy In California

    Providers have different eligibility restrictions. Insurance companies may have requirements regarding the location of the business, its size, revenue, and the type of business. Most insurance companies, for example, only cover enterprises that conduct all of their operations on-site. 

    They may also have restrictions if a primary commercial property exceeds or falls below a certain size. Retail outlets, apartment buildings, small restaurants, and office-based businesses are typical business classes eligible for BOPs.

    Eligibility And Exemptions When Getting Business Owner's Policy

    Since larger organizations typically carry a more sophisticated risk that necessitates customization, BOP insurance plans are typically sold to small-medium businesses in risk-free marketplaces. BOP liability coverage varies. However, most mainstream insurance carriers use the following terms:

    The Major Location's Size

    Small enterprises, such as factories and distribution centers, are covered under the Business Owner's Policy. Businesses with annual revenues of less than $5 million can qualify for business owners' policy insurance. 

    Employees' Number

    BOP insurance may be available to businesses with fewer than 50 employees; however, businesses with more than 50 employees may not be eligible. The fewer employees a company has, the more likely it is to qualify for BOP insurance.

    Requesting quotes is the best way to determine how much your business owner's policy will cost. It can be customized to suit your needs. Read through Assured Standard's blogs to know more about business policy insurance or general liability insurance for your business today.

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    Assured Standard will protect your business with the right insurance, depending on your needs. Now more than ever, it’s crucial to have the right general liability insurance experts on your side. Protecting the future of your business starts today.
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