Business Owner Policies (BOPs)
Combine all of the insurance coverage you need in one convenient package with an affordable business owner policy. Protect yourself from property damage, peril, business interruption, liability, and more with a single policy to help simplify your commercial insurance needs. Arcadia Insurance gives you access to hundreds of lenders with thousands of business owners policies to help you find the coverage that meets the needs of your business and works within your budget.
Basics of a Business Owners Policy (BOP)
Businesses sometimes need multiple insurance policies. Business owners policies, also known as BOPs, combine multiple types of insurance coverage into a single bundled package. Most businesses require general liability insurance to protect from third-party property damage or injury. They also require commercial property insurance, especially in Michigan and Minnesota, where we experience extreme weather events. Business owners policies combine general liability insurance and commercial property insurance. Not only does it combine them into a single policy, but it is typically less expensive than carrying both separately.
Business Owners Policies: Michigan and Minnesota Coverage Types
Anything that is covered in a general liability insurance policy or a commercial property insurance policy are typically covered by business owners policies. BOPs will cover you in the event of liability, business interruption, property damage, and other perils. On top of those standard coverages, most business owners policies allow you to add additional coverage based on the provider. Some of the more common types of additional coverage that can be added to your BOP include fidelity, forgery, crime, and spoilage of merchandise. There is no single standard format for a BOP, which is why it pays to work with a professional commercial insurance broker like Arcadia Insurance. Our network of hundreds of providers means that we can give you the most options when it comes to the type of coverage you desire.
Some businesses require more than a BOP. However, there might be additional policies you can get to protect your interests and meet government regulations. BOPs do not typically cover workers compensation, health insurance, disability insurance, or professional liability insurance. But, when you work with Arcadia Insurance, we can get you everything you need above and beyond the basics.
BOPs are not for everyone. They are great for small businesses and home-based businesses. However, a BOP can work for some big businesses. Apartment buildings, office-based businesses, small restaurants, and retail are usually well-suited for BOPs. If you think a BOP might be great for your business, there are several things to consider. Where is your business located? Is it in a high-risk area? How large is your business in terms of employyes and revenue? What type of industry are you in? All of these factors will help determine if a BOP is right for you, and what your premium might be.
Arcadia Insurance Has the Business Owners Policies You Need
Arcadia Insurance is a proud member of the business communities in Michigan and Minnesota. As business owners ourselves, we understand what it means to need affordable protection. Business owners' policies protect small businesses without breaking the bank. All businesses are different, so one-size-fits-all policies will not work for everyone. Arcadia Insurance will learn about your specific needs and what you can realistically afford. From there, we'll find a business owners policy with one of our trusted providers. Contact us today to protect your business and your bottom line.
