Business Owner's Policy (BOP)

Business Owner's Policy (BOP)

If you’ve ever seen an insurance commercial, then you’ve heard about the benefits of bundling home and auto coverage. Bundling coverage often provides benefits for the consumer by allowing them to find coverage for all of their basic exposures while also saving money. On the commercial side, the most common cost-saving bundle comes in the form of a business owner’s policy or BOP.

A business owner’s policy allows a company to cover all of their major property and liability risks in a single package with premiums that are usually lower than they would be when purchasing each coverage individually. The components of a BOP are typically commercial general liability, commercial property insurance, and business income interruption insurance.

A Business Owner’s Policy Guide

Businesses that need BOPs are most frequently small to mid-sized businesses with physical locations outside of a home. If you’re trying to decideif a BOP is right for your company, understanding the core coverages may help.

• Commercial General Liability accounts for operational exposures you face like a customer getting injured on your property or a legal claim made against you
• Commercial Property Insurance protects your building, lot, and other business property against damages, vandalism, and other typesof loss
• Business Income Interruption can replace lost income or aid with expenses in the event that a covered peril causes a business to close unexpectedly

As with all forms of insurance, the finer details of your coverage and exclusions may vary depending on your carrier. It’s important to thoroughly discuss your needs with a professional to ensure you’re getting everything you need and nothing you don’t.

Additional Business Coverage Options

Many carriers offer supplemental coverage options to account for risks that may fall outside of standard BOP inclusions. Some examples include:

• Professional Liability Insurance is needed by specialized professionals like builders, consultants, medical workers, or attorneys that maybe subject to legal action for advice or services they provide
• Data Breach Insurance or Cyber Liability is a modern necessity for any business that digitally stores or handles sensitive customer or employee data
• Worker’s Compensation is legally required in many states for certain industries and may cover medical expenses if an employee becomes injured or ill on the job
• Crime Insurance protects you against dishonest actions committed by your employees such as forgery, fraud, or theft

Business owner’s policies can cover a lot, but they aren’t necessarily right for every business. If you’re considering whether your company could take advantage of a BOP, complete our quote request form today. You’ll get a free consultation with a qualified insurance professional that can point you in the right direction. Bundle up, get protected, start saving.