Business Owners Policy
Business Owners Policy Quote Forms
Looking for coverage? Click any of the following links to submit a quote for quick, accurate and affordable rates.
Fillable PDF Indication Form
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Email, Fax or Mail the signed application to L Squared Insurance Agency
Fax: (616) 940-1196
Mail: L Squared Insurance Agency
2430 Camelot Ct SE
Grand Rapids, MI 49546
Business Owners Policy Insurance Information
A business owner’s policy (BOP) generally provides three main types of insurance that may be ideal for small and medium-sized businesses. Not every business is eligible to purchase a BOP, however. Insurance companies set the criteria for BOPs.
The agents at L Squared Insurance in Grand Rapids, Michigan, can help you determine whether your company is eligible to purchase a BOP. If so, they can help you choose an insurance company and tailor the coverage to meet the needs of your business.
What Is a Business Owners Policy?
A business owners policy (BOP) combines insurance policies to provide critical coverage at a discount for eligible businesses. You can tailor the policy to meet your company’s needs by purchasing optional coverages.
What Insurance Coverage Is Included With a BOP?
A BOP typically includes the following coverage:
· Business property insurance: This coverage helps pay for damage to your buildings, other structures, and your company’s possessions after a covered event like a fire or storm.
· General liability insurance: This policy helps cover your company’s legal liability if someone is injured while visiting your business. It may also help pay for damages if you or one of your employees accidentally damages someone else’s property or causes an injury during the normal course of day-to-day business.
· Loss of business income insurance: After a covered event, you may be forced to close your business to allow for repairs temporarily. This policy helps pay your regular bills and may also help cover bills related to renting an alternate location.
Depending on your situation, your agent may also recommend adding the following optional coverages to your BOP:
· Data breach insurance
· Commercial auto insurance
· Workers’ compensation insurance
· Umbrella liability coverage
· Inland marine insurance
· Professional liability insurance
· Employment practices liability insurance (EPLI)
· Products/completed operations liability insurance
· Equipment breakdown
Some of these policies are available as endorsements to your BOP. You can purchase other policies separately. Of course, these optional insurance policies may or may not be appropriate, depending on several factors unique to your business. Your agent can walk you through your choices and ensure that your BOP provides the coverage your company needs most.
How Much Does a Business Owner’s Policy Cost?
A business owners policy (BOP) may cost less than purchasing business property coverage, general liability coverage, and loss of income insurance separately.
Your business insurance premiums depend on several factors about the business, including:
· Your industry
· The size of your operation
· Your company’s location
· The property value
· The prior claims history
· The nature of your business
· Your number of employees and the type of work they perform
Insurance companies also use information about your policies to help determine your rates, including:
· Your coverage limits
· Your policy deductibles
· Replacement cost versus actual cash value
Learn More About BOPs
Contact the agents at L Squared Insurance Company today to learn more about how a BOP may help your company get the insurance coverage it needs.