by Guest » Mon Feb 01, 2010 12:47 pm
My friend is helping me to start a small business. He's suggested that I look for property insurance and liability insurance. I was going through an online business quick-list and came to know of this BOP policy. Is it really helpful for small businesses?
Posted: Mon Feb 01, 2010 01:52 pm Post Subject:
I'm not an agent but I've dealt with BOP policies many times. As an adjuster they can be pain as they are uniquely written in each case. But this is what makes them good for a small business... you can obtain only the coverage you need.
Posted: Tue Feb 02, 2010 07:57 am Post Subject:
Well, it sounds good if the coverage is tailored to meet my needs. I'd be interested to know if it covers all that property insurance covers for me.
Posted: Wed Feb 03, 2010 08:59 am Post Subject:
Yes, these plans are known to be good for the small businesses only.
Large businesses don't qualify for such coverage as they involve more risks.
Posted: Thu Feb 04, 2010 09:59 am Post Subject:
The cost of a BOP would depend on a number of factors like- business location, financial strength, security features, chances of destruction caused by fire, construction quality etc.
Posted: Thu Feb 04, 2010 05:41 pm Post Subject:
"BOPs," or "Businessowner's Policies" are the commercial equivalent of a homeowner policy. It's a package of coverages contained within a single contract, unlike a commercial package policy which must be "built" in order to provide a package of coverage.
BOPs are not available for all types of commercial risks; they're only for small and medium size businesses and it truly simplifies the underwriting process. BOPs will take on only certain risks that are generally considered to bring a smaller exposure to the table. Ineligible risks include, but are certainly not limited to:
1 or 2-family dwellings
Places of amusement
Financial institutions
Wholesalers, unless eligible under another category
Bars, grills, restaurants, unless eligible under another category
Contractors, unless eligible under another category
There are also limits on the square footage, height and size of the building that houses the risk, etc.
These contracts can be perfect for the right risk, and are "easy-peasy lemon squeezy" to write.
InsTeacher 8)
Posted: Fri Feb 05, 2010 07:00 am Post Subject:
I guess a BOP policy offers business interruption insurance as well. It covers your losses arising out of a period when you've been forced to close down operations temporarily or stop or lessen production. Business interruption insurance might offset your insured losses for a period of one year.
Posted: Fri Feb 05, 2010 10:42 am Post Subject:
Hi Mark
BOP for small business is a good plan. Any business involves a lot of risk and hence you need to get it covered to prevent extreme losses. Your BOP policy will cover for losses that may cause you to shut down business or for loss of production. It covers you for any harm done to others by your employees or products. Accidents may attract lawsuits. Your BOP policy will provide coverage then. You will also be covered against burglaries or any destruction or even robberies.
I found you an article link from this website. I think you can find useful information here on BOP
Posted: Wed Feb 10, 2010 06:44 am Post Subject:
A BOP policy is quite good in the sense that it covers you for certain thefts, hooliganism, or burglaries. Thus it protects your losses in terms of money as well as securities.
Posted: Tue Apr 05, 2011 05:54 am Post Subject: nzxJkUguRNlWYuHIR
Owners policy.. Retweeted it :)
Posted: Fri Apr 22, 2011 01:22 pm Post Subject: tirGeYQIuFGJYL
Owners policy.. May I repost it? :)
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