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.
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.