What Does BOP Mean in Insurance Terms?
Help from Your Contractor Insurance Texas Team at The Nowell Agency
Purchasing insurance can get confusing quickly. While researching, you may hear a variety of terms being used with little explanation. How do you make a responsible decision for your company’s needs when you cannot compare apples to apples? BOP is one of those terms that many hear, but few understand. It is an acronym for a business owner’s policy, and it may be one of the most critical pieces in your contractor insurance Texas program.
Talk with a knowledgeable broker at The Nowell Agency to get a better understanding of the different types of coverages available. Our team sits with you to review what you have in place now, any gaps you may have, and answer your questions. We even explain all the terms so you can make the best decision when we present you with your customized plan.
Understanding BOP and How It Can Help Your Texas Company
You know that to do your job well, you need proper tools. Think of a business owner’s policy (BOP) as another tool to safeguard you and your contracting enterprise. Here is a breakdown:
- It is a packaged deal. You know you should have general liability. However, a standard liability policy may not cover your property. With a BOP, you can get general and property liability for a better rate than purchasing separately, and it can cover more of your assets.
- Some insurers offer three or four options within the package. You may be able to get business interruption and crime insurance as part of the coverage. This can save you even more money by having them rolled into one.
- Additional BOP coverages may be available. You may want to add protection for times when your equipment breaks down. Sometimes you can get additional coverage for rented vehicles and employment practices liability.
- It does not include everything. A BOP has essential components, but it is not a one-size-fits-all plan. You will still want other policies such as worker’s compensation, commercial auto, or additional specialized coverage.
To know if a BOP is right for your contracting business, reach out to the experienced brokers at The Nowell Agency. We can discuss all of your options, including specialized contractor insurance in Texas.
Get Better Service and Rates when You Talk to The Nowell Agency
Save money and time while protecting your company when you understand some insurance terms like BOP. The professionals at The Nowell Agency understand the confusion that can come when shopping for the best contractor insurance for your Texas company. Talk to us. We believe in educating our customers so that you can make better decisions for your organization. We work with a wide range of carriers, so you know you are getting the best for your money.
Call one of our offices near you to schedule a meeting with a knowledgeable and experienced broker at The Nowell Agency about contractor insurance in Texas. You can also request a quote online.