Business Owners Policy (BOP) Insurance in Chicago, IL
As a business owner, you must account for significant risks and exposures that could derail your company and affect your personal livelihood. After all, even the most diligent and experienced professionals may be unable to avoid all accidents and errors, making appropriate loss control measures essential. Fortunately, a business owners insurance policy (BOP) can provide crucial financial security.
A BOP may be a critical investment for business owners across many sectors. These arrangements are typically available to small- and medium-sized enterprises. They can provide a cost-effective and convenient way for your company to address many of its primary insurance needs.
What Is Included in a Business Owners Policy?
The coverage provided under a BOP is multifaceted and can typically help your organization financially protect itself from many common incidents and perils. While the exact capabilities and details of BOP coverage may vary depending on your insurance company and policy, these arrangements typically include the following:
- General liability insurance—This coverage can financially protect your business from incidents affecting third parties, such as bodily injuries suffered by guests and damage to clients’ property.
- Commercial property insurance—This component of your BOP may help pay for repair or replacement costs involving your company’s physical assets, such as buildings, electronics and equipment.
- Business interruption insurance—If your business’s operations are delayed or disrupted by a covered incident, this feature may compensate you for losses and ongoing expenses, such as reduced revenue, rent, loan payments and payroll.
In some cases, you may also consider additional coverages that can supplement your BOP, such as the following:
- Workers’ compensation insurance
- Professional liability insurance
- Commercial auto insurance
- Data breach insurance
How Much Is a Business Owners Policy?
Your BOP insurance cost depends on various details of your organization. When assessing your circumstances and providing you with an appropriate BOP insurance quote, the following criteria may be considered:
- Annual revenue
- Business assets
- Previous claims
- Policy details (e.g., coverage limits, endorsements and deductibles)
How to Get a BOP
At Salvador Insurance Agency, we have extensive experience serving businesses in the Chicago, IL, area. Contact us today to learn more or to get a personalized quote.