Your business won't need every type of commercial insurance available. At Legacy Insurance Group OKC, serving the greater Oklahoma City, OK area, we can point you to an efficient bundle of policies that most small businesses need.
These policies come in a business owners policy (BOP) package. A BOP provides the four most common types of commercial insurance at a reduced premium. The business receives coverage for liability, business interruption, property damage, and major perils.
Perils refer to events that can cause damage. Typical perils include fire, tornado, and vandalism. If a business purchased these policies separately, it would cost them more money.Qualifying for a BOPNot every business qualifies for the BOP package though. Only small and mid-sized businesses can purchase this bundle. The insurance industry definition of small or mid-sized business refers to those with fewer than 100 employees.Even a company with a small staff that generates lots of revenue does not qualify. The business also must generate annual revenue of less than $5 million.High-risk businesses don't qualify for a BOP. They need a custom policy that covers additional risk and for this, they must pay the typical premiums.
Not sure if your business is considered High-Risk? Contact Legacy Insurance Group OKC for more information on obtaining a business owner's policy. Let us help you insure your business against loss.
