Business & Commercial Insurance
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Business & Commercial Insurance Information
Business Owners Policy
Among the many responsibilities you face as a business owner, picking the right insurance is one of the most crucial. Insurance is designed to protect you business, employees and other assets in case of an accident. Even one bad storm or lawsuit can put a business into financial turmoil without the right insurance.
At Aegis Financial Partners, insurance professionals are dedicated to helping business owners across industries find affordable and comprehensive insurance to protect their business. We will help you calculate your risk and tailor a policy to protect all of your hard work.
What is a Business Owners Policy?
A business owners policy, also known as a BOP, is a type of commercial insurance policy that combines coverages specifically geared for small businesses. This type of package policy allows you to combine and save money on important coverages.
What Does a Business Owners Policy Cover?
A basic business owners policy generally includes two main coverages:
General Liability Insurance: General liability insurance covers claims concerning bodily injury, property damage and personal and advertising injury. If someone is injured on your business’ property, for example, general liability insurance can help pay for the victim’s medical bills while simultaneously protecting your business against a related lawsuit.
Commercial Property Insurance: Commercial property insurance covers the physical assets of the business, such as the actual location and its contents. This insurance may provide compensation if the physical assets of your home are lost or damaged due to fire, wind, hail, lightning, smoke, theft, vandalism and more.
This is simply an example of a basic business owners policy, however. BOPs are designed to be flexible, allowing business owners to add and adjust coverages as needed to fit their unique business. Some of the coverages you may consider adding to a BOP include:
Professional Liability: Professional liability insurance covers claims concerning professional negligence. If your business or employees offer a professional service, this insurance can cover related accidents.
Umbrella Liability: Umbrella liability insurance fills in the gaps left by your other liability policies if they reach their claims limits.
Commercial Auto Insurance: Commercial auto insurance covers vehicles owned or used by the business for work purposes. This may include comprehensive coverage, collision coverage, liability, medical payments and uninsured/underinsured motorist coverage.
Protect Your Business With a BOP
Protecting your business with the right insurance doesn’t have to be complicated or expensive. Call Aegis Financial Partners at 480-565-6483 or fill out an online quote form to get started today.
Common Business Owners Policy Questions
How Much Does a Business Owners Policy Cost?
The cost of a business owners policy varies depending on several factors, such as your location, claims history, credit score, industry, size of the business, coverage limits, etc. Fill out a quote form to find out how much you can save on a BOP today.
Who Qualifies for a Business Owners Policy?
Business owners policies are geared specifically for small businesses in low risk industries. Low risk industries may include restaurants, retail, virtual assisting, etc. If you have a question about whether or not your business qualifies for a BOP, be sure to speak with an insurance agent today.
What is the Difference Between a General Liability Policy and a Business Owners Policy?
A genera liability insurance policy is a single type of insurance that covers claims such as bodily injury, property damage and personal or advertising injury. A business owners policy, on the other hand, is a combination of other insurance policies, often including general liability insurance.