In 2019, Indiana had $6,780,466,000 in commercial insurance claims paid alone. If you own a business, the right coverage is necessary. A business owners policy can mean the difference in a claim getting paid or not.
An independent insurance agent will help you find protection at an affordable price. They work with several markets on your behalf at no cost to you. Connect with a local expert for custom quotes.
What Is a Business Owners Policy?
You'll want protection for all the what-ifs. In Indiana, you'll have numerous policy options. When you want to insure all your interests, the correct coverage can help. Check out the policy that can get you there.
- Business owners policy (BOP): This will include liability coverage for bodily injury and property damage. Any business property will be included for replacement and repair in this policy.
A BOP is for businesses of a specific size. This policy is not to exceed a maximum gross income. The carrier will set these parameters, and each one is different. This will keep the premiums low and additional coverage options more tailored to your business.
Business Owners Policy Coverages
BOP insurance is unique to the carrier. There are standard coverages that are automatic on any BOP. However, each carrier will have its own unique spin on offerings. Check out the primary coverages for a BOP in Indiana.
- General liability insurance: Pays for bodily injury or property damage claims where you and your employees are responsible.
- Business interruption: This will pay for regular business expenses when you are temporarily shut down due to a covered loss.
- Commercial property insurance: Pays for building, equipment, and inventory damage from a covered loss.
- Crime insurance: Pays for a claim involving forgery, fraud, or theft to your company.
Certain carriers may include cyber liability, equipment breakdown, and identity theft options. Even with all the ancillary coverage choices a BOP has, you may need some separate policies. This will depend on your business's risk exposures.
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What Is the Average Cost of a Business Owners Policy?
Every business insurance policy cost will vary. A BOP in Indiana will usually be at a lower price point. While you can't know your exact premium without a quote, you can at least understand how it's figured. Here are some factors carriers look at to determine your BOP premium.
- Your business address
- How long you've been in business
- Your gross annual sales
- The type of industry you're in
- If you have any employees
- Business property details
- Prior claims
- Your insurance score
Business Owners Policy vs. Commercial Package Policy
When you own a business in Indiana, there are several policy types to consider. Many will depend on your operation and the size. The difference between the primary policies you'll want to obtain are below:
- BOP: A BOP is plug-and-play. It has a pretty rigid template when it comes to coverage offerings. There is not much flexibility in the limits, and the endorsements are as-is. A BOP is truly for small business owners not exceeding a specific gross annual income.
- Commercial package policy: A commercial package policy or CPP is more robust. It is designed to tailor coverages exactly how your business needs them. A CPP is usually used for mid- to large-sized companies. You can add and remove coverages as they pertain to your operation. It is a more flexible option for some business owners.
Your industry, gross annual income, size, and assets will play a large role in your commercial insurance. Some companies will be best insured by a BOP, while others, a CPP. The best way to get accurate insurance is by using a trusted adviser.
Business Owners Policy vs. General Liability
In Indiana, there are 512,348 small business owners. When your company takes off, you'll have to look at insurance differently. A general liability policy won't protect the same way a BOP will. Take a look at the differences below.
- BOP: A BOP is going to provide coverage for your property, business income, and more. It will include general liability in addition to the many other coverage options.
- General liability: This policy is on its own. It will give you liability coverage for bodily injury, property damage, libel or slander. Anything else will have to be added in a separate policy.
How to Find an Indiana Independent Agent
When you're searching for insurance coverage, the best way to get started is with some help. Your Indiana business may have risk exposures you didn't know needed covering. A business owners policy can help protect against many kinds of claims.
When you work with an independent insurance agent, you'll have access to multiple carrier options. This gives you coverage for an affordable price. Connect with a trained expert on TrustedChoice.com in minutes, and save.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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