Business Owners Policy (BOP) Insurance in Wilmington, IL
Understanding the benefits of a business owners policy (BOP) is crucial for every business owner.
What Is a Business Owners Policy? 
A BOP is an insurance policy primarily designed for small and medium-sized businesses. It typically combines multiple types of insurance to cover common business risks. For example, a customer could trip over an extension cord in your showroom. Coverage included in your company’s BOP may help cover their medical costs.
What Is Covered Under a Business Owners Policy?
The following are the main components of a standard BOP:
- Commercial property insurance may cover physical assets, such as buildings, equipment, furniture and inventory against covered events.
- General liability insurance may help cover third-party claims of bodily injury or property damage.
- Business interruption insurance may help recover lost income and manage ongoing expenses during temporary operational disruptions caused by covered incidents, such as fire or property damage.
Your agent may recommend additional policies and endorsements to help tailor your company’s insurance coverage. For example, if your company owns vehicles or uses them for business purposes, commercial auto insurance can help provide financial protection against third-party accident-related claims. It may also help cover your company vehicles.
How Much Does a Policy Cost?
Many factors influence BOP rates. Typically, insurers consider the following factors to calculate premiums:
- Business size and type
- Location
- Coverage limits
- Deductibles
- Claims history
Secure Optimal Coverage
Contact Oak Knoll Insurance & Tax today to learn how a business owners policy may help provide coverage for common risks. Our agents are happy to discuss affordable BOP options with you.