"Your Full Service Insurance Solution"
"Your Full Service Insurance Solution"
The Business Owners Insurance Policy (BOP) is intended for main street businesses and combines building, personal property, and liability insurance coverage with other attractive options into one package. The BOP is an efficient way to provide the business owners insurance coverages that most small businesses need.
The two keys to BOP eligibility are type of business and square footage. General examples:
Square footage guidelines can relate to overall building space or a business’s rental space. Generally, the cutoff for a Business Owners Policy eligibility is 25,000 square feet; however, this varies between business insurance companies. We will determine if a business is eligible for a BOP and if the BOP option is the best value.
Business personal property coverage can include:
When you own a building, the same Business Owners Insurance Policy must cover both the building and the business personal property. Otherwise business personal property can be insured alone in a BOP. This is good for businesses that lease or rent space.
The BOP named peril form will:
The Special peril form will:
By nature, the Special form has more coverages built in. The Standard form has approximately a dozen additional coverages. Among these are:
Don’t worry, we’re not ignoring loss of business income and extra expenses from a direct insured loss. Frequently a loss from a fire or other insured peril goes beyond the direct damage caused by the fire. Even minor damage can close your business for a long time. This means your business has no income to maintain salaries and other expenses. Don’t ignore loss of income protection!
Insurance Tip. Business interruption coverage is not a luxury.
Recall that extensions are an opportunity for you to have certain property covered after a loss. Extensions are controlled by:
The BOP’s make provisions for the following:
Coverage is limited in these areas. You may need specific insurance to cover one or more of these extension areas for your business.
Exclusions and conditions are common in insurance policies. BOP’s are no exception. You’ll find some exclusions and conditions from policy to policy, regardless of the type of insurance. Conditions are normally procedural matters and loss adjustments. Exclusions are matters the insurance is not designed to cover.
Note. Remember an insurance policy must be read as a unit, not as independent paragraphs or sections.
“One policy does not fit all business insurance needs.” Business insurance needs are all different. Everyone has a different type of property, amount of property, location, ownership, and so on. Your insurance coverage protection should closely reflect your risk of loss. This customized approach allows you to save money– you pay for only the insurance you really need.
Protect Against Liabilities
We will provide a risk assessment, custom build a Business Owners Insurance Policy that meets your needs, and shop the companies to get the best value for you. Give us a call, request an email quote, or visit us to get the best insurance protection and services for your company.
Insurance & Financial Services, Inc. is a full service Virginia Independent Insurance Agency that represents many top-rated companies. We assess risks and shop companies to find the best Virginia Business Insurance coverage for the price. Our clients get the best value for the Virginia Commercial insurance they will need.
Here are a few companies we represent: Aetna, American Modern, Anthem Blue Cross Blue Shield, BTIS, Cigna, CNA, Dairyland, Foremost, Gainsco, Grange, Liberty Mutual, Main Street America Group, Mercury, National General, Progressive, Starr Dovetail, State Auto, Stillwater, Tapco, and Travelers.
Call, request a quote by email, or visit us at our office today for a free, no obligation risk assessment and Virginia Commercial Insurance quote. Let us do the research and find you the best value for the Virginia Business Insurance your business needs.
On the right sidebar of this page, we have included links to a number of Virginia business insurance resources. Click on any of the different business types to learn more about the Virginia commercial insurance coverages for that type of business. Please call one of our Virginia commercial insurance agents at Insurance & Financial Services for any assistance.