For small to medium-sized firms, a business owner's policy, or BOP, is an excellent insurance option. This type of policy is popular since it combines the most frequent coverages into a single policy with a single payment rather than paying for individual policies. This package is totally customizable and, in most cases, less expensive than purchasing individual policies.
If your company employs less than 100 people and generates less than $1 million in annual revenue, you may be eligible. For home-based business owners, this is also a popular option. Property and liability coverage is included, as well as your choice of the following alternatives (with some insurers offering extra options):
Property insurance protects a company's physical assets, such as its buildings, furniture, equipment, and inventory.
Loss of income insurance pays out for income lost due to a covered business interruption, such as profits and expenses like rent and wages.
Third-party bodily harm or property damage while on your business's property is covered by liability insurance.
Equipment breakdown insurance covers equipment that fails or is damaged as a result of a covered incident, such as computers and phone systems.
Third-party medical expenses incurred as a result of a liability claim are covered by medical payments insurance.
Most BOPs do not include worker's compensation or commercial auto insurance, which must be acquired separately if they are needed.
Data breach insurance protects digital assets like databases and customer records from hackers, data spills, identity theft, and other disasters.
Employment practices liability insurance: Covers your company's liability charges in the event that discrimination, harassment, wrongful termination, or other law violation-related claim is made.