Finding BOP Insurance Quotes for Your Business
When finding insurance for your small business, you should treat it like any other significant investment. You want to do your homework and make sure you're getting a good deal on the right service.
A Business Owner's Policy is an important insurance package because it bundles General Liability and Property coverage, offering two fundamental insurance policies that your business often needs to sign contracts and protect its financial resources. And it costs less than buying these policies separately.
Before we go over how to get a BOP quote, let's quickly review the basics of this coverage.
How Does a Business Owner's Policy Work?
Business Owner's Policies offer discounts on insurance premiums for small businesses that have "low-risk" profiles. When you buy your GL and Property Insurance together, the insurance company offers you lower rates based on your lower risks. You might not be able to get higher-end policies, but the coverage included in a BOP is more than enough for most small businesses.
BOP General Liability Insurance pays for lawsuits over:
- Property damage.
- Slander and libel.
- Bodily injuries.
- Copyright infringement and other advertising injuries.
Do note: this policy only covers lawsuits when people outside your business sue you.
The Property Insurance in a BOP bundle reimburses small businesses when their property is damaged or destroyed. Property policies cover equipment, supplies, tools, inventory, and other property the business owns. Covered claims include fires, theft, vandalism, and some damage from storms and non-major weather events.
BOP Insurance Estimates for Small Businesses
Let's say you're going to build an addition onto your home. What do you do? You call a few contractors, they come to look at your property, and they give you cost estimate. It's an important investment so you make sure you're working with top quality contractors.
Investing in insurance protection for your business is similar. You'll want…
- Multiple quotes on your coverage.
- Reassurance that you're working with top-rated insurance companies.
- Policies that are designed to fit your needs.
Much like a contractor asks about your home-improvement project, the insurance company asks about your business before sending you a detailed quote. They'll size up your company by noting…
- How many employees you have.
- The common risks in your industry.
- The amount of property you need to insure.
- Your experience in the industry.
- Your insurance claims history.
How to Get Multiple Free Insurance Quotes
Most insurance companies give you a free Business Owner's Policy quote, but the trick is to work with insurance brokers who do the legwork for you. Some insurance brokers can get multiple insurance estimates from multiple insurance companies. This saves you a lot of time and effort. By filling out one insurance application, you get variety of options to choose from.
This is also important because it helps you get the coverage you want. When comparing multiple BOP estimates, you can see which policies offer what coverage. This helps you avoid overpaying for coverage you don't need.
At Insureon, this is a standard part of the service we offer small-business owners. Fill out our quick and easy online insurance application, and an insureon agent sends you detailed quotes from multiple insurance carriers, usually by the end of the day.