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What Is A Business Owner’s Policy (BOP)? 

A Business Owner’s Policy (BOP) is an insurance package designed specifically for small to medium-sized businesses. It combines general liability insurance, property insurance, and business interruption insurance into a single policy. This bundled approach provides broad coverage at a more affordable rate than purchasing each policy separately.

Who Needs A Business Owner’s Policy?

A BOP is ideal for businesses that have physical assets, such as buildings or equipment, and face the risk of lawsuits. This includes retailers, restaurants, contractors, and other service providers. If your business operates in North Carolina and you want to protect against property damage, liability claims, and lost income due to a covered event, a BOP is a smart choice.

What’s The Difference Between A Business Owner’s Policy And General Liability Coverage?

General liability coverage protects your business from third-party claims of bodily injury, property damage, and personal injury like slander or libel. While general liability is crucial, it doesn’t cover property damage to your business’s own assets or provide compensation for lost income due to a covered peril. A BOP, on the other hand, includes general liability coverage along with property insurance and business interruption insurance, offering a more comprehensive solution.

What Does A Business Owner’s Insurance Policy Cover?

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Property Insurance

Property insurance under a BOP covers the physical assets of your business, including buildings, equipment, inventory, and furniture. This coverage protects against risks such as fire, theft, vandalism, and other perils that could result in significant financial loss.

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General Liability Insurance

This component of a BOP protects your business from financial loss due to claims of injury or property damage caused by your business operations. It covers legal fees, medical expenses, and settlement costs if your business is found liable for an accident or injury.

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Business Interruption Insurance

Business interruption insurance provides coverage for lost income and operating expenses if your business is forced to shut down temporarily due to a covered event, such as a fire or natural disaster. This coverage helps ensure that your business can recover and continue operations even after a significant disruption.

Are you looking for Business Insurance Coverage? At The Huneycutt Group, we represent over a dozen companies and brokers to help you find the coverage you’re looking for, at the right price.

Does North Carolina Require A Business Owner’s Insurance Policy?

There’s no state law in North Carolina that mandates a BOP for all businesses. However, having this type of coverage is highly recommended.  It offers significant financial protection. 

Consult with an agent at The Huneycutt Group to understand your specific needs and explore the coverage options available in North Carolina.

Two types of business insurance that are mandatory by state law are:

What Factors Affect A Business Owner’s Policy In North Carolina?

Several factors influence the cost and coverage of a BOP in North Carolina:

  • Industry Type: The nature of your business affects the level of risk and, consequently, the cost of insurance.
  • Location: Businesses located in areas prone to natural disasters or high crime rates may face higher premiums.
  • Business Size: Larger businesses with more assets and employees typically need more coverage, impacting the cost of the policy.
  • Claims History: A history of frequent claims can increase your premiums.
  • Coverage Limits: Higher coverage limits provide more protection but also come at a higher cost.

By understanding these factors, you can work with The Huneycutt Group to tailor a BOP that fits your business needs and budget.

Insurance Companies And Brokers We Represent

Builders Mutual
Liberty Mutual
The Hartford
Philadelphia Insurance

Lloyds of London
Berkshire Hathaway
NC Rate Bureau
Johnson & Johnson

Appalachian Underwriters
Jackson Sumner

Contact The Huneycutt Group