We introduced business owners’ policies (BOPs) in an earlier blog. In this blog, we expand on this valuable bundle of commercial insurance policies and explain the qualifications to purchase one. Because BOPs offer four common insurance policies for a lower premium than buying them separately, the insurance industry limits their purchase to the lowest-risk companies.

BOP Qualifications

Although each insurance company uses slightly different criteria, they all have four requirements in common. A business must:

• Employ fewer than 100 people.
• Maintain a small office or commercial space
• Generate less than $1 million in annual revenue
• Need less than one year of business interruption insurance.

San Marcos Insurance Group may vary its requirements slightly depending on the underwriter, but every business in the Chandler, AZ area can rely on us using these four overarchingly.

Why Choose a BOP?

Besides the money savings, a BOP includes commercial property coverage, bodily injury and property damage liability, personal and advertising injury liability, and business interruption coverage. Those four policies cover the major needs of a small or mid-sized business.

The flexibility of a BOP lets a business add to it, using its policy package as a foundation for building the entire commercial insurance package of the business. Depending on your company and its operating processes and procedures, you might need to add commercial auto insurance or malpractice coverage. A business can add any commercial policy to a BOP.

Contact San Marcos Insurance Group Today

Call our office at San Marcos Insurance Group or send an email to talk about whether your Chandler, AZ business qualifies for a business owners’ policy (BOP). Let us help you properly insure your company so that it can grow safely.

Many Chandler, AZ, employers offer relatively comprehensive health insurance policies, but what if you need to address a need that your employer’s insurance plan doesn’t cover? Many retired people use Medicare, but it does not cover everything. Today’s article in the San Marcos Insurance Group blog explains how to fill those gaps with a second or specialty health insurance policy.

Buying a Second Health Policy

Individuals can purchase a health insurance policy besides the one they obtain through their workplace, Medicaid, or Medicare. A person can add a second health policy that covers only their prescriptions or a second, full health policy that covers items their initial policy does not. Some of these private health insurance plans require a medical examination before you can buy them. Others, such as Medicare Part B, do not require one, but you must choose Part B when you qualify and register for Part A. Only by having both will you have hospitalization and doctor visit coverage unless you purchase private insurance.

Specialty Health Insurance

Buying a full health policy can fill gaps, but so can a specialty health insurance policy. The term specialty policy refers to an insurance policy that covers one type of medical need, such as dental, vision, hearing, or prescription medication coverage. If your employer provides medical coverage but not dental or vision, you can purchase a specialty policy to cover either need.

Contact Us Today to Build Your Health Insurance Package

At San Marcos Insurance Group, we provide consultation meetings and insurance reviews for Chandler, AZ residents. Contact us via email or phone to review your health insurance needs. Let us help you build your insurance package.