Business Owners Policy
A business owners policy combines property coverage and liability coverage on one contract. Agents and carriers shorten the name to BOP. Viva Insurance Services writes a business owners policy for small companies in Schaumburg, IL and across the northwest suburbs.
The package fits a company with a leased space, a few employees, and equipment worth protecting. Contact Viva to find out whether your business qualifies.
What a BOP Includes
A standard business owners policy has three parts.
Property coverage pays to repair or replace your building, equipment, inventory, and tenant improvements after a covered loss. Fire, theft, water damage, and storms are the usual triggers for a small company.
General liability coverage responds when a customer gets hurt on your premises. It also responds when your work damages property that belongs to someone else. Legal defense costs fall under this part of the policy.
Business income coverage replaces the profit you lose while the space gets repaired. A restaurant closed for six weeks after a kitchen fire uses this coverage to make payroll and rent.
What a BOP Leaves Out
The package does not cover injuries to your own employees. That claim goes to workers compensation insurance, which Illinois requires from almost every employer with staff.
Vehicles used for work need a separate commercial auto insurance policy. A BOP will not pay for an accident in your work van.
Claims about your advice or your professional work fall outside a BOP as well. Consultants, bookkeepers, agencies, and design firms add professional liability insurance for that exposure. A data breach or a ransomware demand needs cyber liability insurance.
Flood and earthquake damage are excluded from the property section. Both are available as separate policies.
Which Businesses Qualify
Carriers write a BOP for companies with limited square footage, moderate revenue, and low hazard work. In the Schaumburg area, that describes most of the businesses on a strip mall lease or in a small industrial unit.
Landscaping companies, cleaning services, salons, small retail shops, restaurants, and light trade contractors are the most common applicants. Offices with under a dozen employees usually qualify without difficulty.
Some businesses do not. Manufacturers with heavy machinery get quoted on separate policies. So do companies with large vehicle counts, bars where alcohol drives most of the revenue, and firms above the carrier revenue threshold.
Roofers and other high hazard trades are declined by many BOP markets.
BOP Compared With Separate Policies
Buying business property insurance and general liability insurance as two contracts is the alternative. Both routes end at similar protection for a small company.
The package version usually costs less than the two policies bought apart, because carriers price it for a class of business they already understand. One renewal date and one bill also reduce the paperwork.
Separate policies win when a business needs limits or endorsements that the packaged form will not allow. A company with three locations and a large equipment schedule often lands there.
Certificates of Insurance for Your Clients
Landlords and general contractors ask for proof before work starts. A certificate of insurance is that proof, and it names the party who required it as an additional insured when the contract calls for it.
Viva issues certificates for active BOP clients within [COI TURNAROUND]. Call the office with the name and address of the party who needs it.
Business Owners Policy Quotes in Schaumburg, IL
Viva Insurance Services is an independent agency at 1901 North Roselle Road, Suite 800, just north of the Interstate 90 interchange. The office is open Monday through Friday from 10 AM to 7 PM, and Saturday from 10 AM to 3 PM.
Seven commercial carriers appear on the agency appointment list, so one application produces more than one price. Review the carriers we work with before you call.
Bring your lease, your payroll figure, and a rough value for your equipment and inventory. Call (847) 238-3861 or get a free quote to price a business owners policy for your company.
Read more about the full range of business insurance that Viva writes for local companies.
Frequently Asked Questions
How much does a business owners policy cost in Illinois?
Price depends on your revenue, your building or lease value, your class of business, and your claims history. A small office pays less than a contractor with tools and a crew. Viva quotes several carriers so you can compare.
Does a BOP include workers compensation?
No. Workers compensation is a separate policy in Illinois, and most employers with even one employee are required to have it.
Can I add my landlord as an additional insured?
Yes. Most commercial leases require it, and the endorsement is added to the general liability section of the policy.
Is a business owners policy required by law in Illinois?
No state law requires a BOP. Landlords, lenders, clients, and licensing boards require it through contracts instead.