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Business Owners Policy (BOP)

A BOP may work well for small- and medium-sized businesses with specific insurance needs. But not every company is eligible to purchase a BOP.

Talk with the agents at Harlan Rossmann Insurance in Minneapolis, Minnesota, to learn more about your business insurance options and find out if your company can purchase a BOP.

What Is a Business Owners Policy?

A BOP provides business owners with three core insurance policies in a single package. Business owners can tailor their BOP to meet their company’s needs, and they can choose to increase their coverage with umbrella insurance.

Who Can Get a BOP?

This combination of insurance policies provides business owners with discounts, so if you can qualify, you may save money by purchasing a BOP. Companies with certain risks may not be able to purchase a BOP. If you’re wondering whether your business is eligible to purchase a BOP, contact our team today.

What Coverage Comes With a BOP?

A BOP helps mitigate common risks for small businesses with three main types of coverage:

·       Property insurance. This policy helps fix or replace your company’s building or other structures on the property, including inventory and equipment after a covered event like a fire or severe storm.

·       Liability insurance. This coverage helps cover costs if someone is injured while visiting your business’s premises or as a result of using your company’s products or services.

·       Business interruption insurance. This is sometimes called business income insurance. It helps pay regular bills if you temporarily close your business to allow for repairs due to covered losses.

If you qualify for a BOP, you can adjust the coverage to meet the needs of your business. Depending on your company’s coverage needs, your agent may recommend that you also purchase the following policies:

·       Employee practices liability insurance

·       Business vehicle insurance

·       Workers’ compensation insurance

·       Flood and sewer backup coverage

·       Cyber liability insurance

·       Professional liability insurance

How Much Does a BOP Cost?

Your BOP premiums depend on a few main factors, including:

·       The amount of time your company has been in business

·       Annual revenue

·       Number of employees

·       The company’s location

·       Your industry

·       The company’s claims history

Since a BOP policy’s price varies greatly, it’s wise to work with an independent agent so you can easily get multiple quotes from different insurers.

How to Get a BOP

Contact the agents at Harlan Rossmann Insurance to find out if you are eligible for a BOP and get a personalized quote for your business insurance.

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Golden Valley Shopping Center | 7870 Highway 55 | Golden Valley, MN 55427
Ph: (763) 746-2242 | Fx: (763) 746-2556 | harlanross44@gmail.com
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