BOPs in Cuyahoga Falls, OH
Owning and operating a business requires you to account for many scenarios, including the potential aftermath of accidents, errors and other unforeseen incidents. In these situations, even the most prompt and comprehensive management may be unable to prevent financial losses. This makes it necessary for you and your business’s leaders to be aware of the possible value and peace of mind offered by a business owners policy (BOP).
What Is a Business Owners Policy?
A BOP is a multipart insurance product typically intended for small- and medium-sized organizations. These arrangements allow your business to combine several types of coverage under a single policy, which may lead to overall cost savings and the convenience of working with a single agent.
What Does a BOP Cover?
Your BOP insurance coverage can provide versatile financial protection from many common incidents and perils. While business insurance needs are usually unique, many types of coverage may be applicable to most companies’ risks and exposures. BOPs typically include the following three types of insurance, which may be necessary for many organizations:
- General liability insurance—This type of insurance can help pay for third-party losses for which you are at fault, including bodily injuries, property damage and reputational harm.
- Commercial property insurance—This part of a BOP can compensate your company for losses involving its own tangible assets, such as buildings, equipment and inventory.
- Business interruption insurance—This coverage can help your company financially recover from incidents that delay or disrupt its normal operations.
What Is the Difference Between a BOP and a Commercial Package Policy?
BOPs typically include the aforementioned trio of coverages and are often limited in how they can be customized. Alternatively, a commercial package policy may offer additional options, such as the inclusion of the following types of insurance:
- Business auto insurance
- Commercial crime insurance
- Inland marine insurance
- Employment practices liability insurance
- Commercial umbrella insurance
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Contact Garlesky Insurance Agency today to learn more or compare personalized quotes.
