• Business Interruption Insurance
• Cyber Liability Insurance
Many Vermont small businesses have similar risks exposures and insurance needs. For lots of these small businesses, a business owners policy is the most affordable way to get the coverages that are needed.
A business owners policy is a specialized form of commercial insurance that’s specifically designed for small and medium businesses. While not as flexible or comprehensive as some other commercial insurance solutions, business owners policies are more than sufficient for many small businesses.
Business owners policies are typically written as package policies, which means they combine several individual insurance policies together. Some of the individual policies that a BOP might offer include:
(As is true with most package insurance policies, the exact mixture of coverages can vary.)
Business owners policies don’t normally include workers compensation insurance. Businesses that need this insurance usually must purchase it separately, but agents who are familiar with BOPs can usually help with the search for workers compensation.
Commercial package policies are another type of package policy available to businesses. These policies tend to offer more coverage options than business owners policies, but they often cost more as well.
Many larger businesses and businesses that have unusual risk exposures need commercial package policies, but BOPs offer plenty of protections for most small and medium businesses.
Most small and medium businesses in Vermont that don’t have uncommon risk exposures can benefit from getting a BOP. A few such businesses may only need one coverage and be able to purchase it as an individual policy. In most cases, though, small businesses need at least a few coverages that are better purchased together in a BOP.
Getting multiple insurance coverages through business owners policies, instead of individually, has two main benefits. First, businesses can make a single premium payment rather than several. Second, many insurance companies offer large discounts for lumping multiple coveages together in a BOP. The savings provided is more than enough to make comparing BOPs worthwhile.
Insurers base business owners policies’ premiums on many different factors. Some of the items that can affect how much a specific BOP costs include:
When shopping for business owners policies, businesses must first determine that this is the right insurance for them and then compare the various BOPs that are available. This process can be involved and challenging.
For help selecting a business owners policy, businesses should talk with an independent insurance agent in Vermont who specializes in small business insurance. A specialized agent will be able to determine whether this is the best form of insurance for a business, and they can compare multiple policies if they’re independent.