Business Owners Policy (BOP) In Durham And Raleigh, NC
You Worked Hard To Build Your Business. Now Protect It.
North Carolina's GDP is worth more than $500 billion, and nearly 900,000 small businesses account for more than 99% of all statewide businesses. As you work to secure your small business, consider your commercial insurance needs. One of the best ways to get convenient protection in one place is through a business owners policy, also called a BOP.
Business owners who want to work with an insurance agency that puts their commercial needs first should give All About Insurance a call at (919) 321-2886 or request a quote now. We proudly insure businesses throughout the Tar Heel State, and we're happy to help you out anytime.
Common BOP Questions
What Is A BOP?
A business owners policy is a convenient way for small business owners to insure their operation. BOPs offer several types of protection, so businesses won't have to buy multiple policies just for essential coverage. This will save both time and money, because you won't have to juggle policies if you make a claim.
What Does A BOP Insurance Policy Cover?
The standard coverage included in most BOPs is:
- Property Insurance: This coverage will help you pay for damage to items like owned buildings, possessions, equipment and stock.
- General Liability Insurance: If you cause bodily injuries, property damage, personal injury or similar losses to a third party, then this coverage can help you compensate them for their losses. It can also help you pay for any legal fees that arise from these claims.
- Business Interruption Insurance: After a hazardous event, such as a fire, you might have to temporarily shut down the business. Interruption coverage can pay essential costs like employee salaries and utility bills until you can reopen.
You can usually tailor these policies to include customized deductibles and policy limits, as well as further coverage. Some of the protection you might be able to add includes cyber liability, liquor liability, inland marine and coverage for specialty equipment. However, you can't get coverage options like commercial auto or workers compensation insurance under your BOP.
What Businesses Qualify For Coverage Under A Business Owner's Policy?
BOPs are designed to help small businesses, and businesses that usually qualify are:
- Part of low-risk industries
- Have less than $1 million in revenue
- Have small properties or few employees
However, these factors can vary. Just because your business might be an exception to some of these rules, that doesn't mean you can't qualify for coverage.
What's The Difference Between A BOP And A Commercial Package Policy?
Even though you might not qualify for a BOP, you might still qualify for a commercial package policy. As with BOPs, these packages can include several essential pieces of coverage. However, they contain terms and limits more appropriately tailored to larger businesses with specialty risks. They allow business owners to be more flexible in tailoring their policies.
How Much Does BOP Insurance Cost?
Depending on factors like your business' size, industry, location, claims history and the coverage you choose, your BOP's price might vary. However, most BOPs cost an average of about $80 - $100/month. Your agent is happy to help you determine the specific coverage that's best for your business and that will meet your budgetary needs.