Business Owners Policy (BOP) in Colusa and Yuba City, CA
By bundling property and liability insurance policies together, a business owners policy (BOP) may provide convenient, cost-effective coverage for common risks small and mid-sized businesses face. Businesses must meet specific criteria to be able to purchase a BOP. Factors insurers analyze when determining eligibility include your business’s class, size of its primary location and revenue.
Reach out to the team at CCI Insurance Services Inc. in Colusa, California, to find out if a BOP is a good fit for your operations.
What Is Covered Under a Business Owners Policy?
A BOP may provide coverage for liability claims, property damage and business interruptions. The core policies typically included in a BOP include:
· Commercial property insurance—This may provide repair or replacement payments if your business’s property (e.g., your building, furniture or other inventory) is damaged or destroyed by covered events (e.g., fires, theft or vandalism).
· General liability insurance—This may provide coverage if your business is responsible for a third party’s bodily injury or property damage. It may cover their losses (e.g., medical expenses) and pay for associated legal fees. General liability insurance may also cover personal and advertising injury claims (e.g., libel and copyright infringement).
· Business interruption insurance—This may provide financial assistance to help cover ongoing expenses (rent, wages and taxes) if you have to temporarily close your business due to a covered event (e.g., severe weather). It is also known as business income insurance.
Additionally, you may be able to add endorsements to your BOP or secure standalone policies to build a comprehensive insurance portfolio. Depending on your business’s risk profile, you may consider:
· Commercial crime insurance for coverage for business-related crimes such as forgery or fraud.
· Cyber liability insurance for coverage after a data breach or cyberattack.
· Commercial auto insurance for coverage of your business-owned vehicles.
· Umbrella Insurance to help pay for claims that exceed the liability limits of your other policies.
· Workers’ compensation insurance to provide financial assistance to your employees after work-related injuries or illnesses.
Other policies or endorsements may be available. Work with your CCI Insurance Services agent to secure the policies you need.
How Much Does a Business Owners Policy Cost?
A BOP may be more cost-effective than purchasing the policies separately. Various factors may affect a BOP’s cost including your business’s industry, size and location. Your selected coverages and claims history could also impact premiums.
The professionals at CCI Insurance Services can help you determine if you are eligible for a BOP and if it would suit your insurance needs. Contact us today to get started.