You're no stranger to hyperbolic sales pitches – you're bombarded with that kind of advertising every day! So how can you be sure all this talk about a Business Owner’s Policy saving you money isn't just more hype?
You're right to be wary – at first blush, a BOP may seem too good to be true. You might even think finding small business insurance at an affordable price – without sacrificing coverage – is a lofty, unattainable goal. But savvy shoppers know that buying in bulk can stretch dollars further, and that same principle holds true for the BOP.
Keep the Change: BOP Savings for Your Piggy Bank
Insurance bundling is a lot like a "buy one, get one half off" sale. When you buy an insurance package, you get multiple policies for an annual premium that's less than what you'd pay for each policy individually.
Not all businesses qualify for a BOP – your business has to have a low-risk profile, have few employees, and have small premises – but if you are eligible, you get…
- General Liability Insurance, which offers coverage for premises liability (e.g., slip-and-fall accidents on your property), advertising injury (e.g., allegations that your business committed libel), and third-party property damage (e.g., if you accidentally break a client's laptop).
- Commercial Property Insurance, which can pay to repair or replace your business property when it's lost or damaged because of fire, theft, vandalism, or windstorms.
At insureon, our average annual premium for General Liability Insurance is $585.04. By contrast, the average annual premium for a Business Owner’s Policy is $808.57 – just $200 more per year. For less than $3 a day, you can get the combined protection of General Liability and Property Insurance.
To learn more about how BOPs work and how to customize your bundle, read the post “The Business Owner’s Policy: Affordable Insurance for Small Businesses.”
How BOPs Keep Your Business Afloat
Did you know a BOP can do more than save you money? A Business Owner's Policy ensures you have the coverage you need to run and sustain your business. In fact, your bundle can…
- Help you attract clients. Insurance shows your clients that you are a professional. That credibility can give you an edge on the competition and build trust with your customers.
- Help you sign a lease. Many landlords require adequate insurance before you can sign a commercial lease. That way, they have a way to recoup losses if there’s property damage.
- Help pay for unexpected expenses. Whether your business is facing a personal injury lawsuit or recovering from a devastating fire, a BOP gives you the means to pay for unexpected claims or damages without draining your personal account.
With a BOP, you get a great deal, but you also get the satisfaction of knowing your policy offers reliable protection. Learn more about the BOP's coverage in the article “What a Business Owner’s Policy Covers (And What It Leaves Out).”