Call Us 833-493-4678 ☰ ˟
Logo
Call Us 833-4WE-INSURE (833-493-4678)
  • HOME
  • OUR PRODUCTS
    • Automobile
    • Business & Commercial
    • Cyber Liability
    • Farm/Crop/Livestock/Equipment
    • General Liability
    • Home
    • Life
    • Motorcycle
    • Personal Umbrella
    • Recreational Vehicle
    • Renters
    • Umbrella
    • Watercraft & Boat
    • Workers Compensation
  • BLOG
  • RESOURCES
    • Refer a Friend
    • Important Links
    • Insurance Glossary
  • ABOUT US
    • About Us
    • We're Hiring!
    • Employee Directory
    • Privacy Policy
    • Get Your Nationwide Coverage
  • OUR LOCATIONS
    • Lexington Office
    • Covington Office
    • Staunton Office
  • CONTACT US
    • Contact Us
    • Join Our Newsletter
Home > Blog > How Much is a Business Owners Policy?
TUESDAY, FEBRUARY 23, 2021

How Much is a Business Owners Policy?

Woman small business owner puts an open sign on the door of storefront

Business owners policies (BOPs) vary widely depending on a variety of factors. Depending on the size of your business and the amount of coverage required, you could pay anywhere between $350 and $2,000 a year. On average, businesses pay about $1,200 a year. You should compare quotes among multiple insurers and ask about different ways you can save money. Knowing what factors influence your rates can help you save on your BOP.

Factors that Affect Your BOP

The main factors that affect the cost of your BOP include:

  • Location
  • Size of the business
  • Industry
  • Claims history
  • Credit score of the insured
  • Coverage limits
  • Deductible

Size of the Business

Larger businesses generally cost more to insure. In fact, only certain businesses qualify for a business owners policy based on size. Size qualifications vary from industry to industry, but generally small businesses have less than 100 employees.

Industry

Your industry is one of the biggest factors influencing the cost of your business owners policy. Industries that are at a higher risk of liability or property damage tend to pay more for insurance than lower risk industries.

Claims History

The claims history of the business can also affect your insurance. The more likely you are to file a claim on your business insurance policy, the more you will pay to offset the risk. Businesses with a long history of claims will pay more for their business owners policy.

Credit Score

Your credit score is viewed as an example of how reliable you are with paying your premiums in full and on time. A low credit score can cause higher premiums while a high credit score can save you money on your BOP.

Coverage Limits

Business owners policies are flexible, allowing business owners to add coverages to their policy as needed. This is part of the reason that calculating the cost of a BOP is difficult, as no two policies may look alike. If you have higher coverage limits, you typically pay higher premiums. However, higher limits also means you will more likely be covered in case of an accident.

Deductible

A deductible is how much you must pay out of pocket after an accident before receiving compensation. Choosing a higher deductible can save you money on monthly premiums, but it also means paying more out of pocket after an accident.

Speak with your insurance agent about how much coverage you need under your business owners policy and how you can save money on your policy.

Also Read: What is Included in a Business Owners Policy?

Get a Quote

Posted 11:05 AM

Tags: bop insurance, business owners policy, business insurance
Share |


No Comments


Post a Comment
Required
Required (Not Displayed)
Required


All comments are moderated and stripped of HTML.

NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2023
  • 2022
  • 2021
  • 2020
  • 2019

  • home insurance(8)
  • auto insurance(6)
  • business insurance(5)
  • general liability insurance(3)
  • tips(3)
  • commercial property insurance(3)
  • boat insurance(3)
  • farm insurance(3)
  • renters insurance(2)
  • flood insurance(2)
  • bop insurance(2)
  • workers compensation insurance(2)
  • motorcycle insurance(2)
  • commercial insurance(2)
  • workers compensation(1)
  • recreational vehicle insurance(1)
  • contractors insurance(1)
  • lower auto insurance rates(1)
  • medical payments insurance(1)
  • business owners policy(1)
  • bodily injury liability(1)
  • safety tips(1)
  • homeowners insurance(1)
  • car insurance(1)
  • inland marine insurance(1)
  • commercial auto insurance(1)
  • renters(1)

View Mobile Version
Carrier

Carrier

Carrier
Carrier
Carrier
Carrier
Carrier

Westfield Insurance

Perfect Pair - State Auto - Illinois Restaurant Association

Church Insurance | General Liability | Milledgeville, GA

 

Home| Get A Quote| Customer Service| Blog| About Us| Contact| Refer A Friend

Main Office
209 S Main St. | Lexington, VA 24450
(540) 463-7719 | (540) 261-2200 | info@huffmaninsuranceagencies.com
Social Social Social Social
Logo


Powered by Insurance Website Builder