Business Owner Policy | a BOP
A Business Owner Policy is as you might assume is insurance for business owners. BOP is simply the insurance industry’s acronym for Business Owner’s Policy. A business owner realistically requires different types and options in insurance coverage. Small Business Owners have a need for a BOP just as much as large business owners.
Therefore a Business Owner’s Policy (BOP) combines business property and business liability insurance into one convenient policy. BOP Insurance helps cover your business from claims resulting from things like fire, theft or another covered disaster and from claims involving bodily injury, property damage and personal and advertising injury that could arise from your business’ operations.
Business Owners can tailor a Business Owner’s Policy (BOP) to help meet their unique needs by adding optional coverages like data breach, business income for off-premises utility services and other specialized coverages to their BOP.
A business owners policy contains two primary coverages:
The liability coverages available on a BOP are the same as those on a general liability policy. This includes protection against liabilities like customer injury and property damage, advertising injury, and product-related claims.
A BOP doesn’t cover your employees. You’ll need a separate workers’ compensation policy.
Provides coverage for commercial buildings and the movable property owned by and used for the business – referred to as business personal property. It can also pay for other things like debris removal, loss of income and pollution cleanup as part of a covered loss.
A BOP policy, like most other policies, has certain coverage exclusions that you should be aware of. If you need protection for something that isn’t covered, policy endorsements might be available to extend coverage.
For example, damage from earthquakes is typically excluded from a BOP. If you live in an area that’s prone to earthquakes, you might want to consider adding an endorsement to your policy to extend coverage. Ask about endorsement options when getting your quote.
As Mentioned above, a BOP does NOT cover your employees. So you might want to take a look at Workers Compensation Insurance now . . . OR . . .
Business Owners Might Consider These Additional Coverage Options
Protect your business against losses caused by the inability to collect payment from a customer.
Protect your business vehicles and your employees when they drive on company time.
Protect your business against, burglary, robbery, forgery, computer fraud, employee dishonesty, and other crimes.
Get coverage for computer attacks and damage to electronic data and computer systems. Also, offset the effects of your database being hacked or getting a virus.
Employee practices liability
Protect yourself against employee lawsuits.
Errors & omissions insurance
Protect against client lawsuits for negligent acts, errors or omissions committed during business activities that result in a financial loss.
Inland marine insurance
Cover your property in transit, including the transport of goods or equipment over water and land.
Get additional protection for your business assets, increasing the liability limit you already have with other policies.
Protect your employees against accidental injuries at your workplace.