Business Owners Policy 101: What James Assali Wants Every Owner to Know

Running a business is exciting – but also a little scary. You’ve got sales to chase, customers to keep happy, bills to pay… and in the middle of all that, you’re supposed to think about insurance too.

Here’s the thing: Insurance is one of those topics most people put off until something bad happens. That’s like installing a lock after your store gets robbed. Not the smartest move.

That’s where a Business Owners Policy (or “BOP” if you like shortcuts) comes in. And according to James Assali – a California-based multi-business owner and global entrepreneur – it’s one of the smartest starting points for protecting your business without drowning in insurance jargon.

Let’s break it down together – no legal mumbo-jumbo, just real talk.

So… what is a Business Owners Policy?

When you are at an unlimited buffet, instead of ordering each dish separately, you grab the “combo plate” because it’s got everything you need. A BOP works the same way for business insurance.

It bundles three key types of coverage:

1. Property insurance – This takes care of your physical stuff – your shop, office furniture, equipment, and in many cases, the stock you keep on hand.
2. Liability insurance – If someone gets hurt or something gets damaged and they blame your business, this is what helps cover the costs if they take legal action.
3. Business interruption insurance – If a disaster like a fire or a big storm forces you to close for a while, this helps keep money coming in so you can still pay the bills.

Instead of paying for all these separately, you get them together in one package, usually at a better price.

Why James Assali swears by the BOP approach

James Assali has been around the block – and not just one block, but multiple industries, from marketing to finance to product-based businesses. He says a BOP is perfect for small-to-medium businesses because:

• It keeps things simple. You’re not juggling five different policies from five different places.
• It saves money. Bundling usually means a lower premium.
• It gives peace of mind. You’re covering the biggest risks in one shot.
  

His take? “Don’t overcomplicate your first layer of protection. Get the essentials right, then build on it.”

The 5 things to check before you sign up for a BOP

Not all BOPs are created equal. Just because it’s bundled doesn’t mean it’s the right fit. Here are five things James Assali suggests you look at before signing that dotted line:

1. Coverage limits – Does it actually cover what your business is worth? If you own $300,000 worth of equipment, don’t settle for $150,000 coverage.
2. Exclusions – This is the fine print that tells you what’s not covered. (Spoiler: it’s always longer than you expect.) For example, floods and earthquakes usually need separate policies.
3. Business type eligibility – Some BOPs are designed for retail shops, others for offices, and others for restaurants. Pick the one built for your industry.
4. Business interruption terms – How long will it pay your lost income? Some stop at 12 months, others go longer.
5. Additional coverages – You can often add extras like cyber liability or data breach protection. If you store customer info online, this can be a lifesaver.

Pro Tip from James Assali

Think about where your business is heading, not just where it is today. If you plan to expand, make sure your BOP can grow with you, without having to start from scratch.

The “Don’ts” of buying a Business Owners Policy

Sometimes the mistakes you avoid matter just as much as the things you do right. Assali has seen business owners mess this up over and over:

• Don’t go for the cheapest just because it’s cheap – Low price often means low coverage.
• Don’t skip reading the policy – If you don’t understand it, ask. Insurance is one place where “I didn’t know” won’t help you later.
• Don’t assume all risks are covered – Theft? Usually yes. Employee dishonesty? Sometimes no.
• Don’t forget to update your policy – Your needs change as your business grows.
• Don’t wait until after a disaster to fix your coverage – By then, it’s too late.

How a BOP fits into your bigger business plan

James Assali says a lot of owners see insurance as “just a box to tick.” But really, it’s part of the growth plan.

Think about it – if you get hit with a lawsuit, a fire, or a break-in and you don’t have proper coverage, you could lose months (or years) of progress. That’s not just money; that’s your time, your customers, your reputation.

With a solid BOP in place, you can focus on expansion, customer service, and innovation without worrying about “what if” every other day.

Pro Tip from James Assali

Insurance doesn’t make you money, but it can save you from losing all the money you’ve already made.

Who should get a Business Owners Policy?

While it’s popular with small business owners, not every business qualifies. 

If you’ve got fewer than 100 employees and under $5 million in annual revenue, chances are you’ll fit the usual criteria – but it’s always worth checking.

How do you get ahead with it?

If you’re thinking, “Okay, I probably need this,” here’s a quick path forward:

1. List your assets – Buildings, equipment, stock, furniture – know the value of what you’re protecting.
2. Assess your biggest risks – Fire, theft, liability claims… what could realistically hit your business?
3. Talk to a licensed agent – Someone who understands your industry can tailor the policy.
4. Compare a few quotes – Don’t just grab the first offer.
5. Review every year – Your business changes, so your insurance should too.

Pro Tip from James Assali

Your insurance agent should be someone you can call without feeling dumb for asking questions. If they talk over your head, find another one.

Final word from James Assali

“Business owners pour their heart into their work,” Assali says. “The right insurance lets you protect that effort so it can pay off for years to come.”

So, if your business is your baby, treat the BOP like the car seat – you hope you never have to test it in a crash, but you’ll be glad it’s there if you do.

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