Getting Started with a Business Owners Policy (BOP)

Commercial policies vary in type and business use. Your business won’t need every type of commercial insurance available. At Hexis Insurance, serving the greater Oklahoma City, OK area, we can point you to an efficient bundle of policies that most small businesses need.

How a BOP Helps Your Business

These policies come in a business owners policy (BOP) package. A BOP provides the four most common types of commercial insurance at a reduced premium. The business receives coverage for liability, business interruption, property damage, and major perils.

Perils refer to events that can cause damage. Typical perils include fire, tornado, and vandalism. If a business purchased these policies separately, it would cost them more money.

Qualifying for a BOP

Not every business qualifies for the BOP package though. Only small and mid-sized businesses can purchase this bundle. The insurance industry definition of small or mid-sized business refers to those with fewer than 100 employees.

Even a company with a small staff that generates lots of revenue does not qualify. The business also must generate annual revenue of less than $5 million.

High-risk businesses don’t qualify for a BOP. They need a custom policy that covers additional risk and for this, they must pay the typical premiums.

Businesses that don’t meet the BOP criteria include:

  • Financial institutions such as banks,
  • Manufacturers,
  • Car dealerships,
  • Auto body or automotive repair shops,
  • Alcohol-serving establishments, such as bars, pubs, and grills,
  • Amusement parks.

Other high-risk industries also would not qualify. Check with your insurance agent about your specific business.

Get The Right Coverage Today

Contact Hexis Insurance, serving Oklahoma City OK, for more information on obtaining a business owner’s policy. Let us help you insure your business against loss.