Business Owners Policy Insurance in Kent, OH
A business owners policy (BOP) is an insurance bundle designed to provide small and medium-sized businesses with a cost-effective and efficient insurance solution. Understanding the components and advantages of a BOP is essential for business owners, as it offers extensive protection for their businesses.
What Does a Business Owners Policy Cover? 
A typical BOP generally includes the following three main types of coverage:
- General liability insurance can financially cover claims related to bodily injury, property damage, and personal or advertising injury for which your business might be held liable.
- Commercial property insurance can financially protect your business property, including buildings and contents, against risks like fire, theft and other covered perils.
- Business interruption insurance can offer compensation for lost income and operating expenses if your business is temporarily unable to operate due to a covered event.
Some BOPs also allow for additional coverages, such as crime insurance, equipment breakdown insurance and more.
How Much Does a Business Owners Policy Cost?
The following factors can influence the cost of a BOP:
- Industry and risk level—Businesses in higher-risk industries, such as construction or retail, typically face higher premiums compared to those in lower-risk industries.
- Business size and revenue—Larger businesses or those with higher revenues generally pay more for a BOP.
- Location—Your business’s location can affect costs due to the varying risks associated with different areas.
- Coverage limits and deductibles—Higher coverage limits and lower deductibles increase the cost of a BOP.
- Number of employees—More employees can lead to higher premiums due to increased liability risks.
- Claims history—A history of frequent claims can result in higher insurance costs.
Learn More
Contact Advantage Insurance Agency to determine if a BOP is right for your business.