Business Owners

Business Owners Insurance Policy (BOP)

 

Business Insurance by Britannia Insurance Group (571) 528-0917

 

The Business Owners Insurance Policy (BOP) is intended for main street businesses and combines building, personal property, and liability insurance coverage with other attractive options into one package.   The BOP is an efficient way to provide the business owners insurance coverages that most small businesses need.

We will provide a risks assessment, custom build a Business Owners Insurance Policy that meets your needs, and shop the companies to get the best value for you.   Give us a call, request an email quote, or visit us to get the best insurance protection and services for your business.

Are You Eligible for a BOP?

The two keys to BOP eligibility are type of business and square footage. General examples:

  • apartment buildings
  • office buildings
  • buildings used primarily for mercantile, service or processing purposes
  • wholesalers
  • contractors
  • mixed use, e.g., stores in an apartment building.

Square footage guidelines can relate to overall building space or a business’s rental space. Generally, the cutoff for a Business Owners Policy eligibility is 25,000 square feet; however, this varies between business insurance companies.  We will determine if a business is eligible for a BOP and if the BOP option is the best value.

BOP Coverages

Business Insurance Personal Property Coverage

Business personal property coverage can include:

  • a building owners’ business personal property in an apartment building
  • office business personal property
  • business personal property for merchants, wholesalers, and service or processing organizations
  • commercial condo unit owners.

When you own a building, the same Business Owners Insurance Policy must cover both the building and the business personal property. Otherwise business personal property can be insured alone in a BOP. This is good for businesses that lease or rent space.

Different BOP Forms

The BOP named peril form will:

  • have coverage for a dozen or so perils such as fire, lightning, windstorm and hail, sprinkler leakage, and vandalism
  • usually cost less.

The Special peril form will:

  • have coverage for all risks of direct physical damage except as limited in the policy
  • have broader coverage than one setting forth specific perils.

Additional Coverages

By nature, the Special form has more coverages built in. The Standard form has approximately a dozen additional coverages.  Among these are:

  • debris removal
  • counterfeit money orders and paper currency
  • increased cost of construction
  • forgery exterior glass and lettering (this includes replacement and repair of items on the outside of the building, commonly advertising-related materials)
  • collapse and water damage.

Don’t worry, we’re not ignoring loss of business income and extra expenses from a direct insured loss. Frequently a loss from a fire or other insured peril goes beyond the direct damage caused by the fire. Even minor damage can close your business for a long time. This means your business has no income to maintain salaries and other expenses. Don’t ignore loss of income protection!

Insurance Tip.  Business interruption coverage is not a luxury.

Coverage Extensions

Recall that extensions are an opportunity for you to have certain property covered after a loss. Extensions are controlled by:

  • a limit on expendable dollar amounts
  • an after-the-fact additional premium, or
  • a territorial restriction.

The ISO BOP’s make provisions for the following:

  • newly acquired property
  • personal property off-premises
  • outdoor property personal effects (non business property)
  • valuable papers and records
  • collapse and water damage.

Coverage is limited in these areas. You may need specific insurance to cover one or more of these extension areas for your business.

Exclusions & Conditions

Exclusions and conditions are common in insurance policies. BOP’s are no exception. You’ll find some exclusions and conditions from policy to policy, regardless of the type of insurance. Conditions are normally procedural matters and loss adjustments. Exclusions are matters the insurance is not designed to cover.

Note. Remember an insurance policy must be read as a unit, not as independent paragraphs or sections.

“One policy does not fits all business insurance needs.”  Business  insurance needs are all different.  Everyone has a different type of property, amount of property, location, ownership, and so on. Your insurance coverage protection should closely reflect your risk of loss.   This customized approach allows you to save money– you pay for only the insurance you really need.

Protect Against Liabilities

We will provide a risks assessment, custom build a Business Owners Insurance Policy that meets your needs, and shop the companies to get the best value for you.   Give us a call, request an email quote, or visit us to get the best insurance protection and services for your business.

Britannia Insurance Group serves families and business owners in Northern Virginia for all their insurance needs.  Our mission is to educate consumers about insurance products and how they work.  We go to work for you by doing a thorough analysis of your unique situation and needs before recommending solutions.  We evaluate carefully all the insurance carriers we represent and find ones that fit your needs based on the coverage they offer as well as the price.

 

Do I need an insurance agent now that I can do it myself using the internet?

 

Living in the technology age has changed the way we all live our lives.  Industries are being created and others are being rendered a thing of the past, Insurance is involved in all of those changes while it undergoes changes of its own.  Insurance is a contract between a company who guarantees compensation for specified loss, damage, illness or death in return for payment of a premium.  Some insurance policies are mandatory like car insurance while other types are voluntary like life insurance.  To navigate through the choices and decisions involved you can choose to do-it-yourself or hire the services of a professional.  I am all for taking on certain D-I-Y projects like cutting your own grass or hanging ceiling fans but hiring a professional insurance agent is one choice I highly recommend.

 

Why should I hire an Independent Insurance Agent?

 

Once you decide to hire a professional insurance agent, the next decision is whether to go with a Captive agent or an Independent one.  Captive agents represent one insurance company and all the products that they offer.  The Independent agent represents multiple insurance carriers and can shop around with those carriers as they compete with each other for clients.  There are great insurance agents in both categories and choosing one is a personal preference.  The biggest difference is when the policy has been in place for a couple of renewals and the premium starts increasing.  An independent agent can shop around for you with other carriers if your rates start increasing by too much and the relationship can remain in place.  Captive agents do not control rate changes that happen from their companies and so do not have this option.  Building strong relationships with our clients is what sets Britannia Insurance Group apart from our competition.

 

Why Britannia Insurance Group?

 

  • Inquiry – We pride ourselves on asking great questions and the more information we collect means the better advice we can give you.
  • Integrity – Doing our best for every client by being honest and transparent during the process of working together.
  • Dedication – Educating clients about the insurance coverage they need and coverage options they can choose from to customize policies that fit their unique needs.
  • Philanthropy – Giving back to our community is an essential part of who we are.  By giving back to the community through volunteering and donating part of the company profits we strive to do our part in building stronger communities.

 

Britannia Insurance Group is a full-service insurance agency providing Commercial Insurance and Personal Insurance services to Virginia, Maryland, and D.C. Call, request a quote by email, or visit us at our office today for a free, no obligation risk assessment and quote.  Let us do the research and find the best value for the Business Owners Insurance Policy you need.

Insurance for Different Business Types

On the right sidebar of this page, we have links to a number of business insurance resources.  Click on any of the different business types to learn more about the insurance coverages for that type of business. Please call one of our commercial insurance agents at Britannia Insurance Group for any assistance.

 

Simon England

About 

Simon England founded Britannia Insurance Group in 2019 after noticing a need for an Independent Insurance agency in Brambleton, Virginia. Having worked for a few different agencies in Maryland and Virginia over the last 10 years, Simon brings a wealth of insurance experience to his clients. As a former high school teacher and soccer coach, he takes an educational approach to helping clients understand how insurance works and teaching them how to play the insurance game. Attention to detail and valuable tips based on experience are just two of the qualities you will receive when choosing Britannia Insurance Group as your agent.

Simon is originally from Liverpool, England and is extremely proud of his heritage. He gets his interest in history from growing up in the historical city of Chester which was built by the Romans all the way back in the 1st Century A.D. His love for music and soccer also come from his family and where he grew up. When he is not in the office you can find him attending concerts or following his favorite sports team, Liverpool F.C.

Simon and his wife Charissa love living in Brambleton where they have the privilege of being able to explore the wonderful areas around them with their son, Dylan. His other sons, Ian and Stevie, come to visit as often as possible and bring a lot of joy to Simon’s life. Getting visits from his family from the UK or from his wife’s family who live in different states are another source of happiness for Simon.

Treating clients like family is what Britannia Insurance Group does. My commitment is always to do what is right for you and your family at all times. Education about how insurance works for you will set us apart from other agencies. Having a professional insurance agent guide you through the complicated world of insurance is a smart decision, we hope you choose Britannia Insurance Group to be that guide. Simon will work hard for you and ensure that “You’ll Never Walk Alone”.

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