- Business owner’s policy
A business owner’s policy (BOP) bundles general liability insurance with commercial property insurance. It typically costs less than if the policies were bought separately.
A BOP bundles policies to protect insurance agencies
A business owner’s policy is the best defense for insurance agents and agencies in need of comprehensive coverage. By combining general liability insurance and commercial property insurance, this policy covers common liability and property risks in one plan. Due to the low-risk nature of the insurance industry in terms of damage and injury, your business may qualify for a BOP.
This policy covers common risks such as:
- Lawsuits related to customer injury and property damage
- Damage to your business property
- Lawsuits related to advertising injuries
Save money and increase your coverage with a BOP
By bundling general liability with commercial property insurance, claims adjusters, property and casualty agents, and other small insurance businesses can often find savings with a business owner’s policy. Businesses that are eligible for this policy typically:
- Have fewer than 100 employees
- Have a small office space
- Make less than $1 million in revenue annually
- Operate in a low-risk industry
- Require less than 12 months of business interruption insurance
Talk to a licensed Insureon agent to learn how a BOP could benefit your insurance company.
What coverage can a business owner’s policy provide for insurance professionals?
General liability coverage
Most insurance professionals deal with clients on a daily basis. Even if you don’t see them directly, it’s likely that your work impacts numerous customers. This opens you up to third-party risks. The general liability portion of a BOP helps protect your business from lawsuits stemming from:
- Customer property damage
- Third-party bodily injuries
- Advertising injuries, such as slander and libel
The property insurance portion of a business owner’s policy can help cover unexpected expenses related to your inventory, equipment, or your building if you own it. A BOP for insurance agents can help pay for lost or damaged business property due to:
Business interruption insurance for insurance agents and agencies
If your insurance business has to close temporarily, it could result in massive financial loss. Commonly included in a BOP, business interruption insurance protects you from expenses and lost revenue related to closure caused by a covered loss.
For example, your life and health insurance agency may need to close for renovation after a tornado strikes. Business interruption insurance can cover up to 12 months of income while your business is placed on hold, allowing you to pay your employees and other parties during a disruption.
Speak to a licensed Insureon agent to add business interruption coverage to your BOP.
Other important insurance policies to consider
A business owner’s policy offers many protections for insurance agencies, but it doesn’t provide coverage for all risks. Business owners should also consider:
General liability insurance: This policy protects against the most common risks of insurance agencies, including customer injuries and property damage.
Errors and omissions insurance: Also known as professional liability insurance, this policy can cover legal fees of lawsuits related to your business decisions.
Workers’ compensation: This policy is required in most states for businesses with employees. It can cover medical expenses up to the policy limit if an employee is injured on the job.
Get free quotes and compare policies with Insureon
Are you ready to protect your insurance business with a business owner’s policy? Complete Insureon’s easy online application today to compare quotes from top U.S. carriers. Once you find a policy that fits your needs, coverage can start in less than 24 hours.