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What Does BOP Mean in Business Insurance for Alabama Companies?

A Guide from The Nowell Agency

Having the correct insurance in place gives any business owner the comfort and peace of mind knowing that if things go wrong, you have protection. Buying the right policy type can be frustrating if you don’t know what you are looking for. The dilemma between getting and understanding what you need can be overcome with a bit of help.

Look for assistance in purchasing business insurance for your Alabama company when you seek out The Nowell Agency. Our helpful brokers are happy to answer your questions and dig deep to understand your goals and coverage needs. We will also look for potential gaps in your existing coverage and then offer policies to fill them. One call gets you started.

Understand the Fundamentals of Business Insurance

The world of insurance can get a little confusing. By learning some of the fundamentals of business insurance, you’re better equipped to shop around and ask great questions. Here are the basics behind the term BOP:

  1. Definition of BOP: The acronym BOP stands for business owner policy. It’s a way to combine basic business insurance coverage into one bundle. Often, the premium is less for the combination of policies than if you were to buy them separately. It can be an affordable option for small business owners.
  2. What Business Insurance Covers: It depends on the carrier but generally speaking, you can expect it to include property, business interruption, and liability protection. The property coverage is for buildings and content you own. The business interruption helps if you lose income resulting from a covered event such as a fire. Finally, general liability safeguards you when a claim is brought against you or your employees for bodily injury or property damage to someone else.
  3. What is Not Included in BOP: A business owner’s policy doesn’t cover everything; however, you can get a variety of different policy options to round out your protection, including:
    • Worker’s Compensation: Anytime an employee gets injured on the job, there’s the potential for required medical attention and lost wages. Worker’s compensation helps get their medical bills paid and gives them some of the lost income back.
    • Commercial Auto: Your personal automobile insurance is not designed for commercial use. Instead, you need to have a different fleet policy to give you the protection you need for your company’s cars, trucks, and vans.
    • Cyber-Insurance: Cyber thugs are not just in the movies; they’re real and they want to steal your company’s and clients’ information. When you suffer from an attack, you need assistance to get you back up and running as well as save your company’s reputation.
    • Commercial Umbrella: Even using best practices and having the right amount of coverage in place can’t cover everything. Sometimes you need a second line of defense which is what a commercial umbrella policy can do. It fills in the gaps when your other policies have been drained.

Overcome Business Insurance Confusion with Help from The Nowell Agency

Get the protection your enterprise requires when you seek out help from The Nowell Agency. Our knowledgeable brokers can custom-tailor a business insurance plan for your Alabama business. We’re happy to answer any questions so that you can make the best decisions for your goals. Give us a call today!

Call one of our offices near you to schedule a meeting with a knowledgeable and experienced broker at The Nowell Agency about obtaining business insurance in Alabama. You can also request a quote online.

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    My very first insurance experience was when I bought my first house and I called the Nowell agency for a quote. I had no idea what I needed or how much and they were so very kind and knowledgeable and explained everything to me in detail which I so much appreciated. That has been 4 years ago and im still a customer never plan to leave.

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