Our clients spent an average of $3,135, or around $261 monthly, for a BOP.1 Keep in mind that small businesses have different requirements. This means that premiums for various policies may change. Getting a quotation is the best method to learn how much a BOP will cost for your company.
What is the going rate for company insurance?
Purchasing a company owner's coverage would set you back around $53 per month, or $636 per year, as reported by the commercial insurance comparison website Insureon.
The cost of a BOP, however, may be affected by several variables.
The cost of your BOP will vary depending on the level of protection you choose. A BOP of $1,000,000 to $2,000,000 is a common choice for many small firms. This implies that the insurer will pay out $1 million for each claim, and for the whole policy term (often a year), the insurer will pay out $2 million. A wide range of restrictions is available for BOPs, from as little as $300,000/$600,000 to as much as $2,000,000/$4,000,000.
Premiums are more expensive for sectors that have more risk exposure.
How much you pay for your business owner's policy (BOP) commercial property insurance will be determined by the value of your property and the kind of property you are insuring. Costs will increase proportionally with the market worth and difficulty in replacing the property.
Costs may vary depending on several factors, including your company's location and how long it has been operational. Insurance costs tend to be higher for startups.
The cost of a business owner's policy (BOP) is inversely proportional to the company's number of workers.
When determining your rate, insurance companies pay close attention to how often and how much you've filed claims.
