Tips for Writing BOPs: What Agents Need to Know
With the release of MacNeill’s competitive new BOP market, we researched the best advice that our underwriters can offer to our agents to explain how easy it can be to write BOPs.
Underwriters Jeimy Bonilla, Vincent Calabrese, and Jessica Reyes shared a few words of wisdom to guide agents through the process (and the perks) of writing Business Owner’s Policies.
First thing’s first. You’ll want to complete an ACORD application. You’ll need to send in the 125, 126, and 140 forms, which are all available in MOUS under Resources and Links.
How to tell if you need a BOP:
If you are a small to medium-sized business, a BOP would fit. Anything over $1 million is considered a large risk, not a BOP. Even if it doesn’t constitute as a BOP, we will still have a place for it!
What is a BOP?
BOPs are Business Owner’s Policies. They are intended for small to medium-sized businesses which combine property, liability, and business interruption. They are written to cover expenses in the event of a loss resulting in damage of business property and bodily injury.
What kinds of businesses are qualified for a BOP?
- Office Buildings
- Retail Establishments
- Other buildings which are occupied as mercantile operations or certain service risks
What coverages are included in BOP policies?
- Section I Property (including trees and shrubs)
- Section II General Liability
A few perks of BOPs that I see every day:
- Wind coverage is available on contents/ business personal property up to $500,000 anywhere in the state of Florida for BOPs.
- Trees and shrubs outside of a business are automatically covered.
- Hosting a grand opening? We’ve got you covered! A BOP will include liquor coverage under our “Host Liquor” option.
- Business Income coverage is offered on an Actual Loss Sustained basis.
- The Package coverage form automatically includes over 15 unique coverage enhancements (see the BOP Enhancements List in MOUS)!
Here are some BOPs that we’ve bound recently:
- Clothing Store
Coverage – $15,000
Premium – $821
- Doctor’s Office
Coverage – $10,000 in contents
Premium – $519
- Agent’s Office
Coverage – $50,000 in contents
Premium – $658
- Attorney’s Office
Coverage – $125,000 in contents
Premium – $1,008
We are happy to assist with any questions. Contact our Marketing Team at email@example.com, or call us at (954) 331-4800.
We look forward to ensuring your success!