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Cost-Effectiveness of BOPs
One of the most appealing aspects of a BOP is its cost-effectiveness. By bundling multiple coverages, insurers can offer BOPs at a lower premium compared to purchasing separate policies. According to industry data, small businesses can save up to 20% on their insurance costs by opting for a BOP2.
The actual cost of a BOP varies depending on factors such as the size of the business, industry, location, and the selected coverages. On average, small businesses might pay between $500 and $3,500 annually for a BOP3. It's important for business owners to compare quotes from different insurers to find the best deal tailored to their specific needs.