The Beginner’s Guide to a Business Owner’s Policy

Seeking for advice for your new business? EZ.Insure provides not only ease with insurance, but also these simple guides. Reading them should arm you with the knowledge you’ll need to navigate the business world, like what our policies cover. Curious about more than just a Business Owner’s Policy? See our  Business Insurance Masterlist and our  Beginner’s Guide to Worker’s Compensation. Here, we’ll take a look at what our Business Owner’s Policy (BOP) covers, application times, and costs.

business owner looking into insurance coverage
Want to start your workday with a smile? Think of the ways you set yourself up for success like coverage.

What is a Business Owner’s Policy?

So, what defines a BOP? One of the most important types of coverage, or at least the most useful for the business owner, is this policy combining both liability and major property insurance. With the combination, both policyholder and insurance company can benefit. The choice of what you actually want to combine is up to you. Here are your options:

  • General liability
  • Property liability
  • Business Income/Interruption
  • Cyber insurance

The above coverage types extend protection should any property damage, bodily harm, or income loss happen to your company. No one ever wants these types of things to happen, but it is always better to be prepared just in case.

Without a Business Owner’s Policy, you take the financial brunt of any misfortune happening on your company property, including cyber theft. Take for instance if while at your businesses someone slips on a cracked floor and breaks an ankle, if you do not have a business owners policy, and a lawsuit ensues, you will be responsible for any reparations, plus the loss of when you have to shut down for repairs.

 When Can You Apply?

The short answer is now! There is no open enrollment for a Business Owner’s Policy. However, you may ask your agent about special offers, especially if they are time-dependant With EZ.Insure, your agent will make sure to get you the best policy for exactly what you need. The best time to apply is when you feel you need coverage.

business laptop with a new product for a business owner
New products? If you’re moving up in business, you might consider new coverage.

If you feel you are ready for a Business Owners Policy the next step is to reach out to an agent to have any questions answered and get a quote for different types of coverage. You can reach an EZ.Insure agent at PHONE NUMBER. Before you call, write down what you think will be right for your business.  If you hold most of your information online, we would suggest adding cyber liability insurance, or, if your business is mostly physical property and equipment, property liability would be best. Taking a small amount of time to take note of your assets will make your application process smoother.

What Is Not Covered?

A Business Owner’s Policy does cover quite a bit, but there are exceptions. Worker’s Compensation and Professional Liability are not covered in a BOP  but are solid policies to hold. Remember, Worker’s Comp is mandatory in most cases, but Professional Liability is not. While these are not included in the BOP, be sure to do your research if your company has a high risk for malpractice suits.  People make mistakes, but certain professions like doctors need extra protection with insurance.

What Are the Costs of a Business Owner’s Policy?

The average cost ranges between $30 to $200 per month. Of course, this will vary based on your needs. Ask your agent to help keep costs down. Also, keep in mind that while this may seem like an extra bill per month, the median cost of just one business lawsuit is $54,000. That’s the price of a good car. Can you afford a surprise purchase like that? To make matters worse, millions of cases pass through U.S. courts annually. Do you like those odds?

two business owners talking about insurance
Talk to your friends in the business. What advice could they give you about their own coverage?

The process can be easy enough, especially with an agent on your side. They will have the most up to date information about what level of coverage your company really needs to keep you safe, but not overspending.

EZ.Insure is here to help. Your agent will answer any questions you have, compare different plans for you, and even sign you up when you’re ready, free of charge and without having to worry about being hounded by endless calls. To get started simply enter your zip code in the bar above, or you can speak to an agent by emailing replies@ez.insure, or calling 888-350-1890. EZ.Insure makes the entire process easy, and quick.

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