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Michigan Business Owner Insurance
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Business Owner Policy (BOP)

Business Owner Policies (BOP) are bundles of basic protection coverages for all property, financial asset, and liability risks required by a company. BOP's are typically sold at a premium price and are less than the total cost of the individual business plans. These insurance policies are typically targeted to small and medium-sized businesses or commercial companies that generally face a lot of high risk situations (such as mechanics, cafes, bars, and the like).

What Business Owners Policies Generally Include

Business Property Insurance

This encompasses the company's buildings and contents that are owned by the business owner (lost income, extra expenses, equipment breakdown, computers, media, valuable papers and records, money, and securities).

  • Two different commercial forms of property insurance:
    • Standard Property Coverage which is the buildings and structures, as well as, indoor and outdoor fixtures, personal property furnished by the landlord, and personal property used for service or maintenance of the buildings or premises.
    • Special Property Coverage incorporates property that is owned by the business owner and used in their operations.
  • Coverage is included up to $25,000 on and off premises; deductibles do not apply.
    • On-premises limits can be increased.

Business Interruption Insurance

This is a provision of reimbursements for up to one year of lost revenue that has resulted from a property loss that was caused by a fire or other catastrophes that will disrupt the operation of your business.

  • Extra expenses that occur due to the necessity of a temporary location for operating purposes are also included.

Business Liability Insurance

This covers the company’s legal responsibility for the harm that may be caused to others as a result of any regular business operations.

  • These include incidents such as bodily injury, property damage due to defective products, faulty installations, and errors in services provided.
  • Includes direct primary or legal liability.
  • Has a starting limit of $1 million per occurrence (can be higher depending on the business type).
  • $5,000 per person for medical benefits.
  • An average of $300,000 for damage to premises (can be increased if needed).

Some additional coverage options include:

  • Commercial Flood Insurance
  • Business Income Coverage
    • This covers any income that is lost up to 12 months due to suspended operations that are caused by damage that occurred on the premises.
  • Commercial Vehicle Coverage
    • Protects a business if it is liable for damages while an employee is using a personal or rented vehicle, that is not owned by the business, for any business purposes.
  • Data Breach Coverage / Electronic Data Loss Insurance
    • Guidance on how to help prevent and handle a breach crisis.
    • Safeguards all of a business’ important information up to $10,000 to replace or restore any data that is lost.
    • Covers interruption of computer operation and e-commerce.
      • $25,000 for any data used in e-commerce and trade that is done over the internet.
  • Crime Insurance For Businesses
    • These are endorsements that can provide other powerful options for the protection of a business. Some of these may include:
      • Employee Dishonesty / Employee Retirement Income Security (ERISA)
      • Employment practices liability coverage
      • Computer and funds transfer fraud
      • Forgery or alteration
      • Money and securities
      • Theft of property

These additional business coverage options will be discussed with your Compass Insurance Agent and can be added to the original package to help tailor to your specific needs.

Protect Your Business with the Proper Insurance

If you are a business owner of a small to mid-size company and are in need of commercial insurance, a Business Owners Policy is for you. Our experienced agents will assess your risk and find your business the right insurance and protection it needs.

Get a quote today and see how much Compass can save you on BOP Insurance.

Our live agents will survey what type of business you conduct, as well as, ownership of physical and financial assets to find you the correct insurance coverage that will fit your company's needs directly. Whether your an experienced owner or a startup business, we at Compass Insurance Agency pride ourselves on walking you through your policy and correctly covering your business expectations. We’ll gladly answer all of your questions and consider any of your concerns you may have. Just click or call today!

VERY KNOWLEDGABLE!

“Brad is a magnificent agent very knowledgeable and helpful! His direct number at the agency is 616 965 3748”

- Brad S., December 12th -
Condo Insured with Compass Insurance Agency Grand Rapids, MI

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