Insurance is what keeps companies secure when faced with lawsuits and other costly claims. Most companies realize the potential advantages of purchasing a Carmel business owner policy or BOP. This type of policy is designed for a variety of owners who wish to bundle their insurance products, rather than purchasing separate property and liability coverage.

For eligible small and medium-sized businesses, a BOP is a comprehensive package that often leads to securing necessary coverage, at a lower price, while offering a flexible, customized coverage package to fit the special needs of your business. No longer do you need policies from different sources; get it all from a single insurer, all for one affordable premium.

How is the cost of a BOP determined?

Insurers use a rating system that allows them to receive quotes from several top listed companies in minutes. The system includes several factors in determining what is a justifiable amount to charge for this specific insurance product. Many variables come into play, including multi-state policies, territory look-up by ZIP code, or city and county. Rating agencies use detailed calculation worksheets, as well as any endorsements, along with previous cancellations and renewals, which all play a part in determining the price for a policy.

Business insurance is a necessity for even small companies in order to protect and maintain their financial health. Commercial General Liability insurance coverage should be the cornerstone of your BOP as it protects you from paying defense costs or any ensuing damages levied against you if an employee, customer, or anyone else sues you for any business-related claims.

You should include property insurance to protect business equipment, furniture, appliances and any physical assets that the business has. Coverage is also available for several other types of loss; loss of income, medical payments, rented vehicle and more are also available through many BOP insurance packages. When considering a Carmel business owners policy, realize that not all BOPs offer uniform coverage. Talk to your agent about whether your BOP meets your essential business needs.