Businessowners Policy Image

Businessowners Policy Insurance

Flexible, affordable coverage makes AmTrust’s BOP attractive to small business owners.



Why Choose AmTrust for a Businessowners Policy?

AmTrust Financial agents have the passion and industry knowledge to make "perfect fit" recommendations for you. Our agents are experienced, knowledgeable and available to develop a BOP that offers the exact coverage your business needs. Our dedicated agents and claims professionals ensure you can use and adjust your plan as needed to get the most benefit from your businessowners policy possible.

Our BOP product not only provides flexible and extensive coverage, it is also highly affordable. For many small business owners, one of the most attractive qualities of our BOP line of coverage is its affordability. Not only are our premiums highly competitive, but we also offer discounts for clients in targeted classes when paired with workers’ compensation. For workers' compensation policyholders, we offer a 10% discount on AmTrust BOP coverage. For our agents, these discounts are major selling points that can help you more effectively attract new policyholders.

What is a Businessowners Policy?

A businessowners policy, sometimes referred to as a BOP, is a type of commercial insurance that combines  coverages you'd normally buy separately into one bundle. The standard combination is general liability and property insurance, but these types of policies routinely include business interruption insurance as well.
 

What Does a Businessowners Policy Cover?

Exactly what is covered in a businessowners policy depends on if and how you customize it. If you get a standard AmTrust BOP, here's the minimum you can expect to receive:

  • The general liability portion of a businessowners policy offers coverage for third parties who experience harm to themselves or their property because of something you or your workers did or failed to do. For example, your BOP might cover an instance where a customer is injured by a product that wasn't assembled properly. It usually allows coverage for the third party's legal fees and medical costs. General liability also can cover advertising injury, which deals with offenses like libel and copyright infringement.
  • The property portion of a businessowners policy covers buildings you own or rent. But it also covers other physical property you have, such as your desks or machines. This includes items you keep and use that belong to others. Property is covered for any accidental cause of loss unless the cause of loss is specifically excluded within the policy language.
  • The business interruption coverage protects you when some event—storms, hacking, or another unforeseen circumstance—temporarily disrupts your ability to sell or interact with your customers and other interested parties. It can replace money you would have earned through those interactions and provide funds to operate in a temporary location.


AmTrust's Preferred BOP Class Codes

AmTrust currently underwrites over 350 class codes, which makes us an ideal fit for a vast number of small businesses. While not all inclusive, our BOP coverage is particularly well-suited for the following classes:

What Does a Businessowners Policy Not Cover?

Even though you often can customize your businessowners policy, there are certain types of coverages that are not included, which you must purchase separately. Examples include workers' compensation and auto insurance.

It's not unusual for business leaders to be unsure of how much coverage they need under a businessowners policy, or whether they can benefit from customization. After all, each business has unique considerations needing to be considered. The market is also in a constant state of flux, which can change business goals and requirements, as well as valuations.

The following exposures are generally ineligible for our BOP coverage:
  • Manufacturing
  • Contractors
  • Hotels and motels
  • Buildings with more than 25 percent vacancy
  • 24-hour retail
  • Seasonal operations
  • New-venture habitation with 3 years experience in general management of another operation of similar type and size, convenience stores, grocery stores or restaurants with commercial cooking or liquor sales
  • Businesses located in Florida
Knowing what our preferred exposures are will help you market our BOP coverage more effectively. A more targeted approach to potential accounts will help you save time while also maximizing the possibility of earning higher commissions.
 
Can you customize a businessowners policy?

If desired, you often can customize a BOP to meet your specific needs. For example, you can add protections for situations like mechanical breakdown, spoiled merchandise, forgery, electronic data, identity theft, valuable papers and records, etc. As your business grows, you might find that amending your policy toward these inclusions makes sense given your goals.

Is a businessowners policy right for small businesses?

Like any other form of insurance, businessowners policies enable business leaders to protect companies from a variety of risks, hedging against potential financial losses and improving stability. This protection is especially important for smaller or midsize companies, who often don't have extra funds to recover as well from disasters.

Secondly, bundling coverages is usually less expensive than buying many separate policies. In this way, the practice isn't much different than what cable, Internet, and phone companies do, or how you can save on most products by buying in bulk quantities. Premiums on this type of insurance also may be deductible as a business expense on your company's taxes.

You also might find that your BOP is easier to deal with from both a logistical and time perspective. You work with the same provider for all included coverages and have fewer documents to reference and track.

Lastly, by purchasing a BOP from AmTrust, you gain peace of mind knowing that, should something go wrong, you'll be in a financial position to rebound well. With that worry out of the way, your focus can stay where it should—on growing your company so that it can thrive.


 



Benefits for Agents

The flexibility of our businessowners policy coverage makes this a particularly easy product for our agents to market. Catering to the insurance needs of small businesses is one of the pillars on which our company is built. Our appointed agents can offer applicants the exact BOP coverage they need, either as a stand-alone product or in conjunction with our other lines of coverage. Being able to market a policy more flexibly enhances your ability to attract more clients, which, in turn, means higher total commissions.

A Flexible Product

Our BOP coverage is a flexible policy that can be customized to fit individual policyholders' needs. We offer extensive coverage enhancements, for example, to help your insureds when the need for more coverage arises. We can also tailor our BOP policy to address specific risks, such as with our Employment Practices Liability Insurance. Additionally, we make it possible for BOP coverage to be bought as an add-on to our workers' compensation insurance or commercial auto products insurance.

We also offer umbrella coverage ranging from $1 million to $5 million to address the needs of policyholders of various sizes. As an AmTrust agent, having a product that is flexible helps you meet the needs of policyholders more effectively. Even better, as an appointed agent you will have access to AmTrust's online system, allowing you to give potential clients a decision on their application quickly and easily.

Discounts and Affordability

Our BOP product not only provides flexible and extensive coverage, it is also highly affordable. For many small business owners, one of the most attractive qualities of our BOP line of coverage is its affordability. Not only are our premiums highly competitive, but we also offer discounts for clients in targeted classes when paired with workers’ compensation. For workers' compensation policyholders, we offer a 10% discount on AmTrust BOP coverage. For our agents, these discounts are major selling points that can help you more effectively attract new policyholders.

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