Call Us 864-271-9125 ☰ ˟
Logo
Call Us 864-271-9125
  • Home
  • Our Agency
    • AboutImage of right arrow
      • Our Team
      • Our Locations
      • Additional Resources
    • Career Opportunities
    • Our Partners
  • Products
    • Personal Auto InsuranceImage of right arrow
      • Liability Coverage
      • Comprehensive Coverage
      • Collision Coverage
      • Roadside Assistance
      • Specialty Auto Insurance
      • Towing
      • Rental Reimbursement
      • Personal Injury Protection (PIP)
      • Medical Payments Coverage
    • Home InsuranceImage of right arrow
      • Property Insurance
      • Homeowners Liability
      • Renters Insurance
      • Condo Insurance
      • Mobile Home Insurance
      • Scheduled Property Insurance
      • Landlords Insurance
      • In-Home Business Insurance
    • Other Personal InsuranceImage of right arrow
      • Identity Theft
      • Personal Umbrella Insurance
    • Life InsuranceImage of right arrow
      • Individual Life Insurance
      • Group Life Insurance
      • Long-Term Care Insurance
      • Mortgage Protection Insurance
      • Disability Insurance
      • Second-To-Die Policy
      • Key Person (Key Men) Insurance
    • Health InsuranceImage of right arrow
      • Group Health Insurance
      • Dental Coverage
      • Vision Coverage
      • Long-Term Care Insurance
      • Temporary Health Insurance
      • Supplemental Insurance
      • Disability Insurance
      • Medical Expense Insurance
      • Child Health Insurance
      • Travel Health Insurance
      • HSAs
    • Recreational Vehicle InsuranceImage of right arrow
      • Boat Insurance
      • Motorcycle Insurance
      • Motorhome Insurance
      • ATV Insurance
      • Snowmobile Insurance
    • Additional Insurance ServicesImage of right arrow
      • Special Event Insurance
      • Other Services
    • Coverage for Specific IndustriesImage of right arrow
      • Accounting Firm Insurance
      • Alarm Contractors Insurance
      • Insurance for Arborists
      • Construction Insurance
      • Consulting Firm Insurance
      • Specialty Trade Contractors Insurance
      • Educational Facility Insurance
      • Financial Institution Insurance
      • Funeral Home Insurance
      • Healthcare Facility Insurance
      • Healthcare Practice Insurance
      • Law Firm Insurance
      • Limousine Services Insurance
      • Livestock Insurance
      • Maintenance Contractors Insurance
      • Manufacturing Insurance
      • Maritime Employers Insurance
      • Media & Advertising Insurance
      • Orthotics & Prosthetics Insurance
      • Pool & Spa Insurance
      • Printers & Publishers Insurance
      • Real Estate Businesses Insurance
      • Retail Insurance
      • Scrap Metal Insurance
      • Security Guards Insurance
      • Self-Storage Insurance
      • Septic Contractors Insurance
      • Specialized Truck Equipment Insurance
      • Technology Services Insurance
      • Tow Trucks Insurance
      • Vacation Rental Property Insurance
      • Water Well Drillers Insurance
    • Coverage for Your BusinessImage of right arrow
      • Bonds
      • Business Owners Policy (BOP)
      • Commercial Auto Insurance
      • Commercial Property Insurance
      • Commercial Umbrella Insurance
      • Crime Insurance
      • Cyber Liability Insurance
      • Fidelity Bonds
      • General Liability Insurance
      • Inland Marine Insurance
      • Marine Insurance
      • Professional Liability
      • Surety Bonds
      • Workers Compensation
    • Coverage for Your EmployeesImage of right arrow
      • Group Benefits
      • Group Disability Insurance
      • Voluntary Benefits
      • Group Health Insurance
      • Disability Insurance
      • Individual Life Insurance
  • Get A Quote
    • Personal Auto
    • Business & CommercialImage of right arrow
      • Commercial Auto Quote Form
      • General Liability Quote Form
      • Group Health Quote Form
      • Workers Compensation Quote
    • Homeowners
    • Individual Life Quote Form
    • Group Life Quote Form
    • Individual Health Quote Form
    • Group Health Quote Form
    • Bonds Request Form
  • Resources
    • Refer a Friend
    • Insurance Glossary
    • Important Links
    • Make A Payment
  • Contact Us
Home > Blog > Who is Eligible for a Business Owners Policy?
THURSDAY, JUNE 9, 2022

Who is Eligible for a Business Owners Policy?

Despite what you may think, not everyone qualifies for a business owners policy (BOP). A BOP is a way for certain businesses to bundle important coverages at a discounted rate. Typically, businesses that purchase a BOP are small businesses in low-risk industries. 

Examples of high-risk industries are: 

  • Medicine 

  • Construction 

  • Accounting 

  • Alcohol 

  • Insurance 

  • Legal services 

Some low-risk industries include retail shops, pet supply stores, bookstores, online apparel stores and more. Couple getting Insurance

What is Considered a Small Business? 
The requirements to be considered a “small business” vary depending on the industry and, occasionally, the insurance agency. In general, however, a small business has less than 100 employees and makes less than $1 million a year in revenue. The physical premises of the business should also be small, such as a single store or office. This, combined with a low-risk industry, may qualify a business for a business owners policy. 

A BOP is geared for small businesses because it has policy limits and low flexibility in coverage options. Larger businesses in high-risk industries should consider a commercial package policy. 

Does My Small Business Need a Business Owners Policy? 
Whether you need a BOP or not depends on the coverage you already have. A BOP covers three areas: 

  • Property Coverage provides coverage for the physical property of the business and its contents. It provides compensation for damages and loss due to fire, lightning, smoke, wind, theft, vandalism and more. 

  • General Liability covers bodily injury and property damage that occur to a third party on the business premises. For example, if someone slips and falls in your restaurant, general liability will cover their medical expenses and possible legal fees if the victim decides to sue. It can also cover personal and advertising industry such as copyright infringement, libel and slander. 

  • Business Interruption Insurance helps cover lost income if a disaster makes it impossible for the business to continue operating. It may also cover the cost of temporarily moving the operation elsewhere. 

Businesses that have the best chance of find a business owners policy have: 

  • Less than 100 employees 

  • A small location 

  • Good credit 

  • Low or no claims history 

  • Low risk 

  • Less than $1 million per year in revenue 

  • Low coverage needs 

Is a Business Owners Policy Required? 
There is no state or federal law demanding small businesses to have a BOP. Property coverage may be required by a lender, however. 

Posted 3:18 PM

Tags: bop insurance
Share |


No Comments


Post a Comment
Required
Required (Not Displayed)
Required


All comments are moderated and stripped of HTML.

NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2023
  • 2022
  • 2021

  • workers compensation insurance(5)
  • general liability insurance(5)
  • commercial auto insurance(4)
  • bop insurance(4)
  • auto insurance(3)
  • home insurance(2)
  • specialty auto insurance(1)
  • homeowners insurance(1)
  • workers compensation(1)

View Mobile Version
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Home| Get A Quote| Customer Service| Blog| About Us| Contact
38 Pointe Circle | Greenville, SC 29615
Ph: 864-271-9125 | Fx: 864-232-8037 | bethkendall@kendallagency.com
Social Social Social Social Social
Logo

Powered by Insurance Website Builder