Business Owners Insurance - California
Insuring: Beverly Hills, Santa Monica, West Hollywood, Brentwood, Culver City, Los Angeles, Calabasas, Marina Del Rey, Manhattan Beach, Redondo Beach
Business Onwers Insurance (BOP) Insurance Quote
As a small business owner, you are exposed to many risks that could potentially put the company you worked hard to build at risk for financial ruin. That’s why you need Business Owners Insurance Policies, also known as BOPs. This coverage can protect your small business from an assortment of risks that might strike at any time.
Your BOP might cover property damage, loss of income, and other common accidents within your operation. Allow the experienced professionals at Medwin Insurance Agency to offer you coverage options that will provide unmatched security at all times.
What is a business owner’s policy?
BOPs are essentially packages of the most-essential types of business insurance. A policy will offer numerous, critical types of commercial insurance within one package. Still, you’ll get all of this protection in one place, and you’ll only pay a single premium for coverage. That’s why a BOP is a great perk for those who have convenience in mind, particularly small business owners.
What coverage is included in a business owner’s policy?
The goal of your business insurance is to help you pay for unexpected damage or accidental problems that strike your establishment. Most BOPs offer at least:
- Structure Insurance: This coverage pays for damage to your buildings and related property.
- Contents Coverage: You can insure equipment, stock, machinery and other assets on this policy.
- Bodily Injury Liability Coverage: If a customer or other party gets hurt on your premises, or because of your mistakes, this coverage can help you cover their medical costs.
- Property Damage Liability Coverage: Should you cause damage to someone else’s property or belongings, you can compensate them to repair or replace the items.
- Product Liability Coverage: If your products harm someone, coverage can pay for the recovery.
- Advertising Injury Coverage: Through your advertising, you might commit reputational damage to others. This liability coverage will help you cover the costs of losses.
- Business Interruption Coverage: An accident in the business might force a temporary closure. This coverage can help you recover income that you might have made at this time.
- Legal Assistance: If a claim leads to a lawsuit, most policies will cover various your legal defense.
You might be able to add other coverage to your BOP, including Errors & Omissions (E&O) coverage, Cyber liability coverage, D&O insurance, EPLI insurance and more. Our agents are more than happy to help you set up the right coverage when the time is right.
Who qualifies for a business owners policy?
BOPs will provide ample protection for small business, but the key is that you might actually have to qualify as a small business to qualify for a BOP. Some of these requirements might be that you:
- Operate on only one premises
- Have less than 100 employees
- Not be part of a high-risk industry
- Have a low amount of annual revenue (under $1 million)
All the same, different policies set different qualification requirements. That’s why you should let your friendly Medwin Insurance agent help you determine the appropriate policy.
Are there business owners policy requirements?
Often, parties like mortgage lenders, property managers, clients and regulatory boards require business owners to buy certain insurance coverage. For example, frequently-required types of commercial insurance are commercial auto insurance or workers’ compensation insurance. At times, however, you can get this coverage through a BOP. In other cases, you might have to buy additional coverage.
What is the difference between a commercial package and a business owner's policy?
If you cannot qualify for a BOP, there are still insurance packages available to you. One of these is a commercial policy package, also called a CPP. A CPP allows you more freedom to pick and choose specific types of commercial policies you want. Therefore, you can better target your coverage to your own needs, and the needs of a higher-risk business.
How much does a BOP cost?
On average, BOPs cost about $1,200/year. However, that’s just an average. Your exact premium will vary based on numerous operating risks, as well as the value of the business. So, why spend time guessing? Instead let your Medwin Insurance agent help you get a fast, free BOP quote, so you’ll know exactly how to plan your operating budget.
A BOP is a great starting place for insurance, but that doesn’t mean you won’t need to adjust and enhance it to your satisfaction. Don’t get confused trying to sort out the details. Instead, contact one of our agents now at 310-282-8331 with all your business insurance questions.