How much do BOP policies cost?
BOP policies have varying premiums, for they’re based on many different factors related to a business. A business’ location, size, operations, industry and previous insurance claims are just a few of the details an insurance company will check.
Even with variance, however, these policies tend to be affordable. One of the main purposes of BOP policies is to make basic insurance coverages available to and affordable for small businesses.
Business owners that want the lowest possible premiums might be able to save by increasing their deductibles, taking loss-prevention stems (e.g. implementing safety protocols, installing a security system, etc.), paying in full, and through other discounts.
An independent insurance agent can help businesses check what discounts insurance companies will offer. An independent agent can also find which company has the best discounts, since independent agents aren’t obligated to promote any one insurer.
Are business owners policies the same as commercial package policies?
Business owners policies and commercial package policies are two types of commercial insurance policies that bundle coverages together. They aren’t the same, though.
Whereas business owners policies usually provide basic coverages, commercial package policies tend to have many more coverage options. The latter can be highly customizable.
Business owners policies are suitable for many small businesses. Small businesses in certain industries, however, might need the additional coverage options that a commercial package policy offers.