What is a Business Owners Policy?
Businesses in New Jersey are exposed to lots of different risks. A business might have property damaged during a fire, be sued for libel or slander, or have to shut down following a disaster. A business owners policy makes it easy for businesses to protect themselves against risks like these.
A business owners policy, also known as BOP insurance, is a form of commercial insurance that combines several different insurance policies into one, convenient package. Most packages are designed to meet the needs of small and medium businesses that operate in a diverse array of industries.
Does BOP Insurance Provide Any Advantages Over Purchasing Policies Separately?
Most of the policies contained within a business owners policy can be purchased separately. Getting them together in a BOP, however, has a couple of advantages. For one, businesses only have to pay one premium instead of several, thus making managing bills a little simpler. More importantly, insurers often give businesses discounts when they lump several policies together into a package deal.