Business Owners
Combine all of the insurance coverage you need in one convenient package with an affordable business owner policy. Protect yourself from property damage, peril, business interruption, liability, and more with a single policy to help simplify your commercial insurance needs. Buffalo Insurance gives you access to hundreds of lenders with thousands of business owners policies to help you find the coverage that meets the needs of your business and works within your budget.
What Are Business Owners Policies (BOP)?
Business owners have many different coverage needs, which sometimes require multiple insurance policies. Business owners policies, also known as BOPs, combine multiple types of insurance coverage into a single bundled package. Most businesses require general liability insurance to protect from third-party property damage or injury. They also require commercial property insurance, especially in Norman, Oklahoma, where we experience extreme weather events. Business owners policies combine general liability insurance and commercial property insurance into a single policy, and usually for less premium.
What Do Business Owners Policies (BOP) Cover?
Anything that is covered in a general liability insurance policy or a commercial property insurance policy are typically covered by business owners policies. BOPs will cover you in the event of liability, business interruption, property damage, and other perils. On top of those standard coverages, most business owners policies allow you to add additional coverage based on the provider. Some of the more common types of additional coverage that can be added to your BOP include fidelity, forgery, crime, and spoilage of merchandise. There is no single standard format for a BOP, which is why it pays to work with a professional commercial insurance broker like Buffalo Insurance. Our network of hundreds of providers means that we can give you the most options when it comes to the type of coverage you desire.
Do Business Owners Policies Cover All Insurance Needs?
BOPs do not work for every business type. However, even if they do work for you, there still might be additional types of insurance that you need in order to protect your interests and meet government regulations. For example, a BOP does not usually cover workers compensation, health insurance, disability insurance, or professional liability insurance. One of the benefits of working with Buffalo Insurance and joining the herd is that we can take care of all your commercial insurance needs.
Which Businesses Are the Best Fit for Business Owners Policies?
BOPs are not meant to cover every type of business. They are especially great for small businesses and home-based businesses, but can work for some larger businesses. Some of the more common business types that are great for a BOP include apartment buildings, office-based businesses, small restaurants, and retail. There are a few factors that insurers consider when deciding whether or not your business can be covered by a business owners policy:
Business Location
Insurers will often only consider businesses that are located in low-risk areas. Even if you are an office-based business, but you are part of a building that has high-risk businesses as tenants, you might not qualify.
Business Size
Insurers typically have limits on the size of the building and the number of workers that can be carried under a business owners policy.
Business Type
High-risk industries are typically excluded from a BOP. Any business that offers a significant risk of injury because of the types of work being performed will most likely be excluded from getting a business owners policy.
Revenue
As the revenue of a business increases, so does the needed coverage. Insurers typically put a cap on how much revenue a business can earn before they are no longer allowed to purchase a BOP.
Buffalo Insurance Has the Business Owners Policies You Need
Buffalo Insurance is a proud member of the business community in Norman, Oklahoma. Business owners policies are an effective tool in protecting the needs of small business owners at affordable rates. When you join the herd, we take a personal interest in finding the perfect policy for you. Every business is different, so it makes little sense to work with an insurer that will try to give you a one-size-fits-all policy. The commercial insurance professionals at Buffalo Insurance will learn all about your needs and your budget. Then, we will find a business owners policy through our extensive network of insurers. Contact us today and find out about the comfort and convenience that has drawn so many other businesses in Norman, Oklahoma to join the herd.
