Since the classification of risk is constantly widening, many more businesses, small and mid-sized, qualify for a business owners policy (BOP). More companies are going toward the BOP mode of writing insurance because of the many benefits; it’s packaged, it’s competitive and it offers some really great coverages.
In addition, insurers that write BOPs are allowing the agency to write businesses with increased sales. Another primary factor is the use of sophisticated, but easy-to-use ISO BOP Rating modules that encompass the best rating software covering the full scope of rating small commercial policies. In fact, the creation of the BOP concept has really created a new level of efficiency in writing, issuing and pricing a product.
The BOP is tailor-made for Internet insurance sales
The BOP has also been proven to be a product especially responsive to the Internet process of insurance sales. BOPs can now be quickly and efficiently rated with company software, or over the Internet, and the application process is much easier. As online insurance sales have evolved, it’s not all that difficult to find a number of insurance providers offering comparative rating systems. Customer Service Representatives (CSRs) in an agency typically have control of this type of business and therefore can determine what market they’re going to place it with.
There are a number of insurance companies that do overlap on policies, with agents that don’t necessarily want to spend their time, or don’t have the necessary enhanced resources to investigate each and every company’s offerings. Comparative raters for BOPs have existed for some years, so they use a system to investigate exactly what a particular company will write for.
Because the BOP lacks many of the complexities of some of the larger commercial packages, and lends itself well to the efficiency of the Internet, it has become a very marketable product. Carriers have also taken note in terms of their marketing approach. There are a number of tech providers out there with ISO BOP Rating systems, allowing for comparative raters on the market, which further explains the increased shift toward the use of such systems for BOP products.