Kentucky Business Owners Policy Insurance

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Kentucky Business Owners Policy Insurance

In 2019, Kentucky had $4,661,744,000 in commercial insurance claims paid alone. When you own a company, you'll need adequate protection for the road ahead. A business owners policy may be the necessary coverage for your operation.

An independent insurance agent can help find a policy that fits your budget. They work with several A-rated carriers, so you have the best options in town. Connect with a local expert on to get started.

What Is a Business Owners Policy? 

If you own a Kentucky business, the right insurance could mean the difference in a claim being covered or not. You'll want protection for all the what-ifs. 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 used for small business owners. In order to qualify, you cannot have a gross annual income above a certain amount set by the carrier. This helps keep the policy premiums low and ancillary coverage options specific to small businesses.

Business Owners Policy Coverages

Every carrier has its own unique spin on BOP insurance. This policy will have a robust offering of limits that are automatically included. Check out the primary coverages for a BOP in Kentucky.

  • 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.

Some policies will have cyber liability, equipment breakdown, and identity theft options. While this may be enough for a small operation, there could be separate policies your business will need. To know what your BOP will offer, get local quotes. 


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What Is the Average Cost of a Business Owners Policy?

Your Kentucky BOP policy is a catch-all type of insurance. It has many coverage offerings and typically a lower price point. Your costs will vary depending on several outside and personal elements. While you can only get exact pricing by obtaining a quote, it's beneficial to understand what companies use to rate your business policy. 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

The right business insurance for your Kentucky operation is crucial. How do you which policy is right for you? 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 truly is 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.

The policy that best suits your needs will depend on your operation. Your business's size, industry, and how you run it will determine if you need a CPP or BOP. The best way to find out is to contact a licensed professional.

Business Owners Policy vs. General Liability

In Kentucky, there are 351,260 small business owners. As your company grows, a stand-alone policy won't be adequate coverage. There is a difference between a BOP and general liability insurance that is useful to know. Take a look at what they are 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, or slander. Anything else will have to be added in a separate policy.

How to Find a Kentucky Independent Agent

If you're looking for the perfect BOP insurance in Kentucky, the right coverage may be confusing. To obtain protection for your operation, consider using a trained adviser. Instead of doing it all on your own, leave the insurance up to the experts. 

An independent insurance agent is a knowledgeable resource to have. They do the shopping for your business at zero cost to you. Since they work with several markets, you'll get the best coverage and premiums around. Connect with a local independent agent on to begin.

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