Business Owners Insurance Policy - BOP Insurance Policy

A BOP Insurance Policy typically includes General Liability Insurance to cover your commercial liability and Business Property Insurance for physical assets, such as contents, that are leased or owned.

This type of package insurance policy may also cover loss of business income and extra expense resulting from a covered loss.

The General Liability insurance coverage of a BOP is comparable to a typical Commercial General Liability (CGL) policy, providing protection against claims of bodily injury or property damage for which your business may be liable. The General Liability portion usually provides liability insurance for the cost of defending lawsuits and claims stemming from:

• Accidents that cause bodily injury and/or property damage.
• Claims such as libel and slander.
• False advertising claims.

**General Liability insurance does not always cover errors or negligence from professional services.

What Business Insurance costs

Property insurance costs are based on actual cash value (meaning the market or depreciated value of the property) or replacement cost. The cost of business property insurance will vary based on whether you have a named peril or an all-risk policy. A named peril policy only covers losses from specific named perils, such as fire, smoke, and so forth. An all-risk policy covers losses from all perils except those specifically excluded from your policy. An all-risk policy is typically more costly, but it's important to look closely and compare different policies to see what coverage your actually getting.

The cost of property insurance also depends on the type of business you have, where is your business located, the structure of the building (masonry, wood frame, etc), the presence of safety equipment, such as sprinklers, when was the electrical wiring and plumbing last updated, number of listed employees, and volume of sales in the business.

When deciding on deductibles.

The number of insurance claims you're expecting will determine the type of deductible you will need. If you think your chance of a claim is low than you might want to consider a per-claim deductible. If you have lots of claims, you will most likely want your deductible to be calculated on whats called an aggregate basis.Remember as a general rule of thumb, the higher the deductible, the lower the premium.

Not all hospitality businesses are eligible for a BOP policy. If you business has any of the following characteristics you may not be eligible for a BOP. But don't worry, we can assist you with obtaining other forms of commercial insurance. Characteristics typically not eligible for a BOP policy include:

• Large building Premises Operations
• High risk or highly specialized operations
• Majority of business conducted off-premise
• Requires liability limits higher than offered with a BOP

Typically a BOP insurance policy is very competitively priced, however remember the BOP Policy does not provide coverage to items such as workers' compensation, professional liability exposures or commercial auto insurance.

Please contact us to review the best type of business owners insurance policy is best for your business. Or click here for a free business owners insurance quote. Our business owners insurance policy is available in New York ( NY ), New Jersey ( NY ), and Connecticut ( CT ).

FAQ:

Q)What can RSI do for me that my local agent can't?

A) As specialists we can tailor a policy for your specific needs and budget. As a high volume broker in this class we can negotiate reduced prices from the carriers.

We will be happy to provide you with a quote. Give us a call at 914-332-1700; email us at jeff@rsi-insurance.com: or complete the online application by clicking the quote button. The quote is free and carries no obligation of any type.