Business Owners Insurance Policy (BOP)

The Business Owners Insurance Policy (BOP) is intended for main street businesses and combines building, personal property, and liability insurance coverage with other attractive options into one package.   The BOP is an efficient way to provide the business owners insurance coverages that most small businesses need.

We will provide a risks assessment, custom build a Business Owners Insurance Policy that meets your needs, and shop the companies to get the best value for you.   Give us a call, request an email quote, or visit us to get the best insurance protection and services for your business.

Are You Eligible for a BOP?

The two keys to BOP eligibility are type of business and square footage. General examples:

• apartment buildings
• office buildings
• buildings used primarily for mercantile, service or processing purposes
• wholesalers
• contractors
• mixed use, e.g., stores in an apartment building.

Square footage guidelines can relate to overall building space or a business’s rental space. Generally, the cutoff for a Business Owners Policy eligibility is 25,000 square feet; however, this varies between business insurance companies.  We will determine if a business is eligible for a BOP and if the BOP option is the best value.

BOP Coverages

Business Insurance Personal Property Coverage

Business personal property coverage can include:

• a building owners’ business personal property in an apartment building
• office business personal property
• business personal property for merchants, wholesalers, and service or processing organizations
• commercial condo unit owners.

When you own a building, the same Business Owners Insurance Policy must cover both the building and the business personal property. Otherwise business personal property can be insured alone in a BOP. This is good for businesses that lease or rent space.

Different BOP Forms

The BOP named peril form will:

• have coverage for a dozen or so perils such as fire, lightning, windstorm and hail, sprinkler leakage, and vandalism
• usually cost less.

The Special peril form will:

• have coverage for all risks of direct physical damage except as limited in the policy
• have broader coverage than one setting forth specific perils.

Additional Coverages

By nature, the Special form has more coverages built in. The Standard form has approximately a dozen additional coverages.  Among these are:

• debris removal
• counterfeit money orders and paper currency
• increased cost of construction
• forgery exterior glass and lettering (this includes replacement and repair of items on the outside of the building, commonly advertising-related materials)
• collapse and water damage.

Don’t worry, we’re not ignoring loss of business income and extra expenses from a direct insured loss. Frequently a loss from a fire or other insured peril goes beyond the direct damage caused by the fire. Even minor damage can close your business for a long time. This means your business has no income to maintain salaries and other expenses. Don’t ignore loss of income protection!

Insurance Tip.  Business interruption coverage is not a luxury.

Coverage Extensions

Recall that extensions are an opportunity for you to have certain property covered after a loss. Extensions are controlled by:

• a limit on expendable dollar amounts
• an after-the-fact additional premium, or
• a territorial restriction.

The ISO BOP’s make provisions for the following:

• newly acquired property
• personal property off-premises
• outdoor property personal effects (non business property)
• valuable papers and records
• collapse and water damage.

Coverage is limited in these areas. You may need specific insurance to cover one or more of these extension areas for your business.

Exclusions & Conditions

Exclusions and conditions are common in insurance policies. BOP’s are no exception. You’ll find some exclusions and conditions from policy to policy, regardless of the type of insurance. Conditions are normally procedural matters and loss adjustments. Exclusions are matters the insurance is not designed to cover.

Note. Remember an insurance policy must be read as a unit, not as independent paragraphs or sections.

“One policy does not fits all business insurance needs.”  Business  insurance needs are all different.  Everyone has a different type of property, amount of property, location, ownership, and so on. Your insurance coverage protection should closely reflect your risk of loss.   This customized approach allows you to save money– you pay for only the insurance you really need.

Protect Against Liabilities

We will provide a risks assessment, custom build a Business Owners Insurance Policy that meets your needs, and shop the companies to get the best value for you.   Give us a call, request an email quote, or visit us to get the best insurance protection and services for your business.

Why Everlife?

As an independent agency, we work for you! We are not like most insurance agencies, where they can only offer you one brand of insurance. At Everlife Insurance Agency we are not bound to any one company, we shop our top-rated carriers and choose the best plan that is tailored to your needs, that gives you the very best value. We take the time to understand every client’s needs and work hard to provide the best insurance solutions for the best value.

Our agency combines many years of experience with top-rated insurance companies and products to provide personalized service and value to each of our clients. We provide you access to every type of insurance that you may need. Everlife Insurance Agency is your neighborhood agency that will help you understand the many options and select products that are tailored to your needs. We want to make sure that we don’t leave you underinsured.

Our Promise to You

• We are dedicated to making sure you receive extraordinary customer service.
• We will treat you like a person, not a number.
• Whenever you need us, we are there. We give our clients our personal cell phone numbers to reach us when you need us most.
• We are committed to continuing education through certifications and training courses so that we can expand our knowledge and network across the state of Virginia.

Our Core Principles

• Dedication – We are dedicated to educating you about the insurance coverage options that you can choose the option that best fits your needs.
• Integrity – We are very transparent. We want to make sure that you understand the many options and coverages that are available to you.
• Value – We choose the very best quality coverage tailored to fit your needs.
• Inquiry – We pride ourselves on asking great questions and the more information we collect from you, the better advice and service we can give to you. 

Everlife Insurance Agency is a full-service insurance agency providing Commercial Insurance and Personal Insurance services to Virginia. Call, request a quote by email, or visit us at our office today for a free, no obligation risk assessment and quote.  Let us do the research and find the best value for the Business Owners Insurance Policy you need.

Insurance for Different Business Types

On the right sidebar of this page, we have links to a number of business insurance resources.  Click on any of the different business types to learn more about the insurance coverages for that type of business. Please call one of our commercial insurance agents at Everlife Insurance Agency for any assistance.

About Carina Thomas

Carina Thomas is a native of Nottoway, Virginia. She hard working business women who passionately gives back and serves the local community. She is the President/CEO of Everlife Insurance Agency Inc. Carina has been helping and assisting families in the insurance and financial industry for the last 10 years. She has her Bachelors in Business Administration and Accounting. She was top 3 at Florida Blue for her health sales and customer service expertise. Her passion is to help further others to their full potential through Insurance and Financial Services.