A business owner’s policy, or BOP, is a great insurance solution for small- to medium-sized businesses. This type of policy is favored because it bundles the most common coverages into one policy, with one premium as opposed to paying for policies a la carte. This bundle is fully customizable and generally cheaper than buying individual policies.
Your business may be eligible if it employs no more than 100 individuals and earns no more than $1 million in annual revenue. This is also a popular choice for home-based business owners. Policies include property and liability coverage, along with your choice of the following options (with additional choices offered by some insurers):
- Data breach insurance: Covers digital resources, such as databases and customer records, from hackers, leaks, identify theft and other covered incidents.
- Loss of income insurance: Covers income that is lost due to a covered business interruption, including profits and expenses such as rent and payroll.
Most BOPs will not include worker’s compensation or commercial auto coverage, which will need to be purchased separately if required.
Ask us about building your own BOP. Call R&M Insurance Agency at (716) 892-5154 for more information on Buffalo NY business insurance.
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