Business Owners (BOP)

Business Policies for Business Owners Across Virginia

 

If you run a small business, you will likely hear about a business owners policy. These policies are crucial for combining insurance that can protect your business. A business is a huge investment, after all, and without insurance, you could face financial loss and lawsuits without any hope for coverage. 

Jaime L Fewer Agency, Inc. works with business owners throughout Virginia to find and tailor policies specifically for your needs. We understand that every business faces a variety of different risks and we will work with you to evaluate and combat those risks with comprehensive insurance. 

What is a Business Owners Policy? 

A business owners policy is a type of package policy combining business insurance coverages into a single policy. This type of policy allows small business owners in low risk industries to save money on important coverages by bundling them. 

What Does a Business Owners Policy Cover? 

At its bare minimum, a business owners policy combines: 

General Liability 

General liability insurance covers claims against your business concerning bodily injury, property damage and personal or advertising injury. If someone is injured on your business’ property, for example, general liability insurance can cover the victim’s medical bills as well as protect your business against a related lawsuit. 

Commercial Property Insurance  

Commercial property insurance covers damages to the physical property of your business, such as offices, restaurants, stores and their contents. This covers against damages caused by fire, wind, hail, lightning, smoke, theft, vandalism and other disasters. 

BOPs can be expanded for coverage depending on the business’ needs. Common coverages added to a BOP are: 

• Business Interruption Insurance compensates for lost income after a disaster if it renders the business inoperable.

• Crime Insurance covers unfortunate cases where employees steal from the business.

• Professional Liability covers claims against the business concerning professional negligence that causes a client to lose money.

• Flood Insurance compensates for damage or loss of business property due to flooding.

• Commercial Auto Insurance provides coverage for vehicles owned or used by the business. This may include comprehensive, collision, liability and more.

Protect Your Business 

Protect your business with a business owners policy tailored for your needs. Connect with an insurance professional from Jaime L Fewer Agency, Inc. at 802-476-5050 or fill out a quote form to get started today. 

Common Business Owners Policy Questions 

How Much Does a Business Owners Policy Cost? 

The cost of a business owners policy varies depending on your location, coverage limits, claims history and other factors. On average, you could pay around $1,200 for a BOP. Fill out a quote form to find out how much you can save on a business owners policy today. 

Who Qualifies for a Business Owners Policy? 

Only small businesses in low risk industries may qualify for a business owners policy. The categorization of a small business varies depending on your industry, so be sure to speak with an insurance agent about your qualifications. 

What is the Difference Between a General Liability Policy and a Business Owners Policy? 

General liability is a single type of coverage whereas a business owners policy is a package policy. General liability insurance typically comes with a basic business owners policy.