Small to medium-sized businesses with assets like inventory, equipment, or a brick-and-mortar business establishment will benefit from an insurance policy for business owners.
Typically, a business owner’s insurance policy is available to enterprises that accrue less than $5 million in annual revenue and 100 employees or less.
As a result, businesses in the industries listed below are eligible for BOP insurance:
- Restaurants and cafes
- Retail stores
- Convenience or small grocery stores
- Condominium associations
- Landlords of apartment blocks
However, despite also being small businesses with the same revenue and staff complement, the following industries are not eligible for business owner’s policy insurance because of the additional risks they carry.
If you own a small business but are unsure whether it qualifies for BOP insurance, contact an insurance broker at NCI who can assist you in finding the right business owner’s insurance policy for your needs.