What is a Business Owners Insurance policy?
A Business Owner’s Policy (BOP) has been compared to a homeowner's policy for a small business. BOPs combine the basic coverages a typical small business needs into a comprehensive package at a premium that is generally less than would be required to purchase these coverages separately.
A typical BOP policy includes:
- Property insurance - Covering buildings & business personal property such as equipment, inventory, tenant improvements and betterments, and furniture.
- Business interruption insurance and Extra Expense- Will protect a company against losses resulting from a temporary shutdown because of fire or other insured peril. It will provide reimbursement for lost net profits and necessary continuing operating expenses. Most BOP's will provide business interruption and extra expense on an actual loss sustained basis rather than stipulate a specifc dollar amount.
- Liability Insurance - coverage for general liability, personal & advertising injury liability, product and completed operations liability, and fire legal liability.
- Crime insurance - covering loss of money or securities resulting from robberies or burglaries as well as losses from employee theft or embezzlement.
- Hired and Non-owned Auto Liability - "Hired Auto Liability" provides liability protection for the company for vehicles they rent and "Non-owned Auto Liability" provides liability protection for vehicles not owned by the company (Example: an employee driving their own car during the course of conducting business).
Located in Torrance, California, ISU-The Olson Duncan Agency was originally established in 1945. We do not work for an insurance company; we work for you. We represent a carefully selected group of financially sound, reputable insurance companies, and we place your policy with the company offering the best coverage at a competitive price.