Should you bundle your business insurance needs or buy policies separately? This is a key question for many companies because costs range widely. Business owner policies, or BOPs, are one way to obtain several types of insurance most companies need. Yet, you should understand the individual details of all coverage purchased. Check out a few details you do not want to miss. 
What Does a BOP Include?
Your agent will customize your business insurance to meet your needs. A basic BOP will usually include commercial property insurance as well as general liability insurance. This is often the most common type of coverage companies need. Yet, this is just the very start of protection. Most companies need additional coverage types to maximize protection for their company.
Very Small Company?
When buying a BOP or any type of insurance, small companies need to consider costs carefully. Sometimes, a BOP will have a larger deductible and a higher maximum payout. This is not always the case – be sure to verify these details. It’s important to know what these figures are on your policy.
Generally, a higher deductible could make it harder for a company to receive a claim payout without paying significantly out-of-pocket first. That could be too expensive for some companies. Other times, higher payout amounts may increase the cost of coverage and may not be necessary for your business.
However, you can ask your business insurance to break down the policy options a bit. That means they can help you find a policy that fits your budget but also factors in available funds to pay for your losses. Your agent can help you find a policy that fits your needs, whether that is a lower deductible, a higher payout, or a lower premium payment.
BOPs Offer Good Discounts to Many
The key benefit of a BOP is that it works to lower premium costs by bundling the policies together. For some companies, having lower costs to purchase the policy is more important than a lower deductible. This is especially true when the risk of filing a claim is low. That’s why many people seek out these policies.
Your goal is to work with your business insurance agent to get the details of your policy just right. Whether a bundled BOP works the best, or you need separate policies for key coverage, there are options for nearly all needs. Discuss those options with your agent.