As a business owner, you face several risks that could financially impact operations. Whether those exposures come from fires, burglaries, or other unexpected events, the potential for economic loss is a reality. Securing a business owner policy (BOP) can help protect your business. The professionals at RCU Insurance Services are ready to discuss available options. Contact us today for more information. 

What Is a Business Owner Policy?
A business owner policy bundles several types of insurance coverages into one policy. Securing the policies in a single package can be more cost effective than purchasing each policy individually. It may also be more convenient to review and easier to track, which can save you time. 

Small to midsize businesses need to meet specific criteria to be eligible for a business owner policy. When determining eligibility, insurers consider factors that include the type of business, size of its primary location, class of business, and revenue. If your business operates in a physical location and has assets that can be damaged or stolen, securing a BOP may be your best option. RCU Insurance Services can help you determine if your company is eligible for a BOP and answer questions you may have about them.

What Does a Business Owner Policy Cover?
The protections typically included in a BOP package are:

• Commercial property insurance—This may provide protection for your building, office equipment, computers, inventory, and other commercial property that’s integral to your business. It generally covers losses from events such as fires, burglaries, or other named perils.
• General liability insurance—This may provide coverage if your business is legally responsible for another person’s bodily injury or property damage. It can help pay for legal fees and medical bills resulting from such incidents up to the policy limit. It may also provide coverage for advertising injury claims.
• Business interruption insurance—If a covered event temporarily halts your operations, this insurance may help replace lost income. It can help pay for items such as wages and taxes while your business is disrupted.

These include:

• Commercial crime insurance—This may provide protection against losses that arise from internal or external criminal activity such as forgery, fraud, or acts of employee dishonesty.
• Cyber liability insurance—Can provide protection if your business experiences a data breach or a cyberattack.
• Commercial auto insurance—Can offer coverage for the vehicles used by your business.
• Professional Liability Insurance—This may provide coverage if a client suffers a financial loss due to an employee’s error or omission while providing professional services.
• Worker’s compensation insurance—Can cover your employees’ medical bills or provide wage replacement if they experience a work-related injury or illness.

You may also wish to add excess liability coverage or an umbrella insurance policy for additional protection. And if so, we’re here to discuss these options, policy limits, and exclusions to help you find the best insurance plan for your business.

How Much Does a Business Owner Policy Cost?
Your business owner policy’s premium will depend on a variety of factors. The policies you select for your bundle, your industry’s risks, and coverage limits can all impact cost. And your business’s size, location, and security features can also play a role in determining price.

Contact Us
An RCU Insurance Services agent can work with you to find a business owner policy that suits your needs and budget. We can provide specifics on coverages and details on available protections. Contract us today at 1 (866) 477-4225 or visit our website for more information.