A business owner’s policy is an insurance coverage bundle that includes protection from property and liability risks. This policy is attractive for some businesses because even though it provides the same coverage as individual policies combined, the premium for a business owner’s policy is usually cheaper than the separate policies' total cost.
A business owner’s policy is more cost-effective than getting several individual policies offering the same coverages. Although a BOP is geared towards small and medium businesses, most insurance providers require businesses to meet a set of eligibility criteria before a business can qualify for a BOP.
Here are some requirements that insurance providers often require from businesses:
A Business Owners Policy is an affordable insurance solution for small businesses, so business owners need to understand BOP and determine if their businesses are eligible. If you want to understand BOP and business insurance more, get in touch with Assured Standard today!
Arthur started Assured Standard after seeing his sister struggle with finding insurance policies for her business. Thanks to his background in business administration, he knows exactly what small and big businesses need to keep operations running.