Top Choices for Business Owner's Policy (BOP)
Top-Notch Commercial Insurance Coverage for Entrepreneurs
By now, you're probably wondering which insurance providers offer the best BOP for your small business. Here's a lowdown on the contenders, each with their unique strengths and potential pitfalls. Remember, choosing the right BOP depends on factors like your specific needs, budget, and the nature of your business.
1. The Lazy Dog: The Hartford
- Liability Coverage Limit: $4 million
- Bright Sides: Flexible, comprehensive coverage with potential savings, especially for bundling workers' comp. Includes business interruption coverage.
- Watch Out For: A hefty load of customer complaints for liability coverage, suggesting potential issues with customer service and communication.
If you're a business owner seeking a wide range of coverage options and savings from bundling, The Hartford might just be the hound for you. They offer comprehensive BOPs, including essentials like general liability, commercial property, and even coverage for unforeseen business interruptions - features most BOPs don't include. Plus, you can save up to 10% by bundling workers' comp insurance.
However, beware the hounds of customer complaint land. Many customers complain of misleading pricing practices, inconsistent quotes, unexpected policy changes, and poor communication. Even if the coverage offered is strong, these issues could leave you feeling unsatisfied.
2. The Digital Pup: Next Insurance
- Liability Coverage Limit: $2 million
- Bark for Bits: Ease of digital usage, live chat support, and online quote and claims management.
- Bite Back: Low coverage limits compared to competitors and a poor complaint record for liability coverage.
Looking for a simple, entirely digital solution for managing your business insurance? Next Insurance offers an online-first experience, including live chat support, easy online claims, and quotes. They are also integrated with popular platforms like QuickBooks and LegalZoom for added convenience.
While their digital experience is strong, their liability coverage limits leave much to be desired at a mere $2 million, which is well below the industry average. Plus, they share The Hartford's customer complaint woes when it comes to liability coverage.
3. The Purrfect Professional: CNA
- Liability Coverage Limit: $4 million
- Pawsitive Points: Impressive customer complaint records for both liability and property coverage, plus strong property protections.
- Grey Spots: Doesn't cover home-based businesses and lacks a digital certificate of insurance.
If reliability and comprehensive coverage are your purr-requisites, look no further than CNA. Their customer complaint record for both liability and property coverage is notably low, indicating smooth claims handling and customer support. They also offer CNA Connect, a BOP designed for a broad spectrum of industries.
However, CNA doesn't cater to home-based businesses and lacks a digital certificate of insurance. If fast and easy digital proof of coverage is what you need, CNA may not meet the mark.
4. The Jack-of-All-Trades: Nationwide
- Liability Coverage Limit: Not disclosed
- Skills Aplenty: Wide range of coverage types, including key-person insurance and home-based business coverage. Fewer complaints for liability coverage.
- Room for Improvement: Lacks a digital certificate of insurance, limited industry coverage compared to competitors.
If you're after variety and versatility, Nationwide could be your four-legged friend. They offer a diverse range of coverage options, including key-person insurance and home-based business coverage, which are rarities in the insurance world. They also have fewer complaints for liability coverage, making them a solid choice in that regard.
Despite their broad offerings, Nationwide falls short in terms of industry coverage and a digital certificate of insurance, which could prove inconvenient for showing proof of coverage upon request.
5. The High Roller: Berkshire Hathaway's BiBerk
- Liability Coverage Limit: $6 million
- Big Bucks: Highest BOP coverage limits in our study, online claims, and quotes.
- Big Bites: High complaint volume for liability and property coverage, potentially indicating issues in claims handling and customer service.
Need the highest coverage limits and like to roll with the big dogs? BiBerk, a subsidiary of Berkshire Hathaway, offers the highest BOP liability coverage limits ($6 million) in our study, along with easy online claims and quotes. As part of the mighty Berkshire Hathaway, BiBerk boasts a top-tier financial strength rating from AM Best.
On the flip side, BiBerk's complaint volume for liability and property coverage is significantly higher than the rest, suggesting potential issues with claims handling and customer service. So, while they offer ample coverage, you might want to watch out for troublesome tussles with their customer service team.
Now that you're up to speed on these five providers, take your pick and find the BOP that bark-tially suited to your business needs!
In the realm of insurance providers for business owners, The Hartford, with its flexible and comprehensive coverage, could be the suitable choice for those aiming for savings from bundling and expansive coverage options, such as general liability, commercial property, and business interruption insurance. On the other hand, Next Insurance, known for its digital-first approach, might be the preferred pick for those seeking a hassle-free, online experience to manage their business insurance needs.
