- What is it?
Business owners policies are package insurance policies designed for small businesses. These policies combine several coverages together for convenience and cost savings.
- Who’s it for?
Many small businesses based in California may find that a BOP insurance policy sufficiently meets their needs. These policies are generally suited for businesses that need basic coverages.
- What is offered?
- Commercial Property Insurance
- General Liability Insurance
- Business Interruption Insurance
Business Owners Policy in California
What is a business owners policy?
Small businesses often have some similar insurance needs. A business owners policy can meet many of the basic needs that small businesses in California frequently have.
Business owners policies are package insurance policies designed for small businesses. These policies combine several coverages together for convenience and cost savings.
What businesses in California should consider BOP insurance?
Many small businesses based in California may find that a BOP insurance policy sufficiently meets their needs. These policies are generally suited for businesses that need basic coverages.
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Should home-based business owners purchase BOP insurance?
Whether owners of home-based businesses need insurance broadly depends on the owner’s homeowners insurance and the business’s risk exposure.
Some homeowners policies offer optional protection for home-based businesses, although this protection is usually limited and not always available.
If sufficient for business equipment and business-related risks isn’t available through a homeowners policy, BOP insurance is probably advisable. An insurance agent who specializes in these policies can help home-based business owners evaluate their coverage needs and policy options.
What coverages do BOP insurance policies come with?
The coverages contained within BOP insurance policies can vary slightly, but most policies make certain protections readily available. Policies usually come with:
- Commercial Property Insurance: May cover buildings, equipment and products that a business has
- General Liability Insurance: May cover basic accidents causing third-party injury or property damage, and defamation claims
- Business Interruption Insurance: May cover sustained revenue losses that result from certain disasters
In addition to these coverages, some policies also make cyber liability and commercial auto insurance available. Commercial auto could cover a car, SUV, pickup truck, taxi, limousine, box truck, or almost any other vehicle that a small business would use.
Do business owners need commercial auto insurance for their personal vehicles?
Business owners who drive their personal vehicles generally need more insurance than what standard personal auto insurance provides. They might acquire the additional necessary insurance via a few different methods.
First, some personal auto insurance policies offer optional coverage for basic work-related driving. Whether this coverage is sufficient depends on the specific terms of a policy, and the extent of a business owner’s work-related driving.
Second, rideshare drivers sometimes can purchase coverage through the platform they work on. In some cases, drivers might want more protection than the platform’s form policy provides. (Rideshare drivers usually shouldn’t assume that their personal auto policy covers rideshare driving.)
Third, the most common solution is perhaps to purchase commercial auto insurance. Commercial auto coverage can be had at affordable rates when procured within a BOP policy.
An insurance agent who specializes in BOP insurance policies can guide business owners through these various options, if they need help insuring a personal vehicle that’s used for work.
How are business owners policies and commercial package policies different?
Both business owners policies and commercial package policies can be suitable for small businesses.
Business owners policies tend to provide a standard set of included coverages, and limited optional ones. These policies are most often purchased by small businesses that have basic insurance needs.
Commercial package policies come with many more coverage options. They’re most frequently purchased by larger businesses, and small businesses that have particular coverage needs. If a business owners policy isn’t suitable, a commercial package policy likely is.
Business owners can get advice as to which policy is most appropriate for their situation by speaking with an experienced insurance agent.
How can small businesses in California get a business owners policy?
For help insuring a small business located in California, contact the independent insurance agents at Truck Writers Insurance Services. Our agents will work closely with you to find a business owners policy that suits your small business’s needs.
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