Business Owners Policy (BOP) Insurance
A business owners policy (BOP) is several insurance policies your insurance company combines and offers at a discount. A BOP usually includes general liability insurance, property insurance and business interruption insurance.
Since the insurer designs the BOP, they also set the criteria for qualifying to purchase a BOP. Not every small and medium-sized business is eligible to purchase this insurance package.
Contact Owen Insurance Agency to find out if a BOP is a good fit for your organization.
What Is Covered Under a BOP?
A BOP typically provides the following three essential insurance policies:
- Property insurance helps cover the costs of replacing or repairing company property after a covered incident.
- General liability insurance helps cover a company’s legal liability after accidental third-party property damage or injury.
- Business interruption insurance helps cover regular bills such as rent and payroll if a company must temporarily close to allow for repairs after a covered event.
Your agent can help you tailor your BOP by adding endorsements or other insurance policies to help mitigate additional risks.
Depending on your industry and the size of your operation, your agent may recommend the following:
- Employee practices liability
- Business vehicle insurance
- Cyber liability and cyber risk insurance
- Flood insurance
- Equipment breakdown insurance
- Employment practices liability insurance
- Workers’ compensation insurance
- Umbrella insurance
Who Is Eligible for a Bop?
BOPs generally work best for small and medium-sized businesses in low-risk industries. Insurance companies set the criteria to qualify for a BOP. Your agent can help you understand whether this coverage is appropriate for your organization.
How to Get a BOP
Contact Owen Insurance Agency today to learn about qualifying for a BOP and tailoring your coverage to meet the insurance needs of your business.
Bonds
Bonds can benefit your business and help you build trust with your clients. In some circumstances, they may be required. If you need to purchase a bond, our agency can assist you in obtaining the right bonds for your business. Contact us today to get started.
What Are the Types of Bonds?
Businesses may need two common types of bonds: surety and fidelity. Surety bonds provide assurances that you will fulfill your contract or follow applicable regulations, while fidelity bonds insure against your workers’ dishonest acts.
Surety Bonds
Surety bonds are an agreement among three parties:
- The principal is the party that buys the surety bond.
- The obligee is a private or governmental party that requires the principal to secure a bond.
- The surety is the entity that underwrites the surety bond, such as an insurance company.
The obligee may file a claim against the bond if a principal doesn’t adhere to the surety bond’s terms. Then, if the situation cannot be remedied with the principal, the surety may provide financial compensation to the obligee. If that occurs, the surety will typically seek reimbursement from the principal for that payment.
Fidelity Bonds
Fidelity bonds are a type of business insurance that may financially protect against specific dishonest acts. Two kinds of fidelity bonds include the following:
- First-party fidelity bonds may cover acts of employee dishonesty (e.g., fraud, forgery or theft).
- Third-party fidelity bonds may provide coverage for dishonest acts by individuals working for your business on a contract basis.
Contact Us Today
Owen Insurance Agency can help you get the bonds you need. Contact us for more information.
Auto Insurance
Having the right auto insurance policy can help protect you financially if you are involved in an accident or your vehicle is damaged. An auto insurance policy is designed to provide you with a layer of protection against property, liability and medical costs following an accident. But choosing the right auto insurance can be overwhelming. Reach out to our agency today to learn more about auto insurance and find the policy that’s right for you.
What Do Auto Insurance Policies Cover?
Depending on the policy you choose, your coverages will vary. Here are some of the most popular coverages:
- Collision insurance—This portion of your policy helps cover damage costs if you are involved in a collision.
- Liability insurance—If you are at fault in a wreck, this type of coverage helps insure you against any damage you cause others. Most states, including New York, require drivers to carry minimum amounts of liability insurance. There are two kinds of coverage included in liability insurance:
- Property damage liability—This coverage helps pay for damage to the other driver’s property (e.g., their car).
- Bodily injury liability—This coverage helps pay for medical bills and sometimes death benefits for the other person involved in the wreck.
- Medical payments (MedPay) insurance—This portion of your policy helps you pay for the medical bills of you and your passengers if you are involved in an accident.
- Uninsured/underinsured motorist insurance—This type of coverage helps you cover the cost of damages caused by someone who doesn’t have adequate auto insurance, specifically liability coverage.
- Comprehensive insurance—This portion of your policy covers damages that are not related to a wreck, such as theft, weather damage or vandalism.
There may be additional coverages that will be necessary based on your unique situation. Be sure to ask our agency how we can tailor your auto coverage to your needs.
How to Get Auto Insurance
Owen Insurance Agency is committed to helping you find a policy to fit your specific needs. Reach out to us today to start the conversation or to get a quote.