Starting your own business can be a daunting task, but for many veterans, it’s a natural progression after serving in the military. In fact, one in 10 small businesses in the U.S. are veteran-owned. Whether you’re a veteran or not, insuring your small business is crucial. USAA offers tailored small business insurance solutions that include a business owner’s policy (BOP), which combines general liability insurance, property insurance, and business income insurance. This comprehensive coverage is designed to address the major risks faced by small businesses and can provide better rates when bundled together.
Key Takeaways:
- USAA offers tailored small business insurance solutions for both veterans and non-veterans.
- The business owner’s policy (BOP) from USAA combines general liability insurance, property insurance, and business income insurance.
- Bundling these coverages together can result in better rates for small businesses.
- A BOP provides comprehensive coverage for the major risks faced by small businesses.
- Get a quote from USAA to start safeguarding your business today.
What is a Business Owner’s Policy (BOP)?
A business owner’s policy (BOP) is an insurance package specifically designed for small businesses. It combines three essential coverage types:
- General liability insurance: This coverage protects your business against claims of property damage, bodily injury, or personal/advertising injury.
- Property insurance: Property insurance covers the physical assets of your business, including equipment, inventory, and office supplies.
- Business income insurance: Business income insurance helps cover lost income and key expenses if your business experiences a covered loss that interrupts its operations.
By bundling these coverages together with a BOP, small business owners can enjoy comprehensive protection at a discounted rate.
Who Needs a Business Owner’s Policy (BOP)?
A business owner’s policy is essential for all types of small businesses, but it is particularly valuable for sole proprietorships.
Sole proprietors have unlimited personal liability for their business debts and obligations, and their personal assets are at risk in the event of a lawsuit or large claim.
While personal liability or homeowners insurance policies may offer some coverage, they often have restrictions for business-related incidents.
BOP coverage provides the right level of protection for small business owners, including home-based businesses, by separating their business assets from personal assets and offering comprehensive coverage against potential risks.
What Does a Business Owner’s Policy (BOP) Cover?
A standard business owner’s policy provides comprehensive coverage for small businesses, addressing the main risks they face. This type of insurance combines different coverages to protect your business and its assets. Here’s what a business owner’s policy typically covers:
- General Liability Coverage: This coverage protects your small business against claims of property damage, bodily injury, and personal/advertising injury. It ensures that you’re financially covered in case someone files a lawsuit against your business.
- Commercial Property Coverage: Commercial property coverage safeguards your physical assets, such as inventory, equipment, and office supplies. It provides financial protection in the event of a covered incident, like fire, theft, or vandalism.
- Business Income Insurance: Some insurance providers, like USAA, include business income insurance as part of their business owner’s policy. This coverage helps protect your business’s income and covers essential expenses if your operations are interrupted due to a covered loss.
With these coverages, a business owner’s policy offers comprehensive protection for your small business. It ensures that you’re protected financially against potential risks and helps you recover quickly in case of an unexpected event.
Enhance Your BOP with Additional Coverage
While a business owner’s policy offers comprehensive coverage for small businesses, every business is unique and may require additional protection. USAA and the USAA Insurance Agency offer a variety of additional coverage options that can be added to your BOP.
“USAA and the USAA Insurance Agency offer a variety of additional coverage options that can be added to your BOP.”
These options include:
- Cyber liability insurance to protect against cybercrime
- Professional liability or errors and omissions insurance to cover claims related to professional services or advice
- Business or commercial auto insurance for vehicles used in business operations
- Off-premises utility interruption insurance to offset lost income from off-site utility disruptions
- Umbrella coverage for additional liability coverage
- Workers’ compensation insurance to cover medical fees and lost wages for employees
By tailoring your BOP with these additional coverages, you can ensure that your small business has the right level of protection in all areas.
How Much Does a Business Owner’s Policy (BOP) Cost?
When it comes to insuring your small business, one of the key considerations is the cost of a Business Owner’s Policy (BOP). The cost can vary depending on several factors, including the size of your business, the industry you operate in, the level of risk involved, and the specific coverage you choose.
To get an accurate estimate of the cost for your unique business, it is best to request a quote from a reputable insurance provider. USAA, a trusted name in small business insurance, offers tailored coverage options to meet the needs of businesses across various industries.
It’s important to note that a BOP is specifically designed for small to medium-sized companies. If you have a larger or more complex business, you may require a commercial package policy (CPP) that provides more extensive coverage.
It’s also important to understand that a BOP does not include certain types of coverage, such as workers’ compensation insurance, health coverage, disability insurance, or commercial auto insurance. These additional coverages may be necessary depending on the nature of your business and its specific requirements.
By working with an insurance provider like USAA, you can gain clarity on the cost of a BOP and explore additional coverage options to ensure your business is adequately protected.
Conclusion
Safeguarding your small business with a tailored insurance policy is crucial for protecting your assets and ensuring the longevity of your business. USAA offers small business insurance solutions that include a comprehensive business owner’s policy. By bundling general liability, property, and business income insurance together, small business owners can enjoy better rates and have peace of mind knowing that their business is protected against potential risks.
USAA goes beyond the basics and provides additional coverage options to enhance your business owner’s policy and meet the specific needs of your business. With options such as cyber liability insurance, professional liability insurance, business auto insurance, and more, USAA ensures that your business has the right level of protection in all areas.
To get the coverage your business needs, reach out to USAA for a quote and start safeguarding your business today. With USAA’s small business insurance solutions, you can have confidence in the security and protection of your business.
