A Business Owners Policy, otherwise referred to as a BOP, offers financial protection for all of the major exposures businesses have in one package. By combining all of the coverages in one package, it is often less expensive than buying individual policies, and has less chance of missing coverage. , liability and property damage for incidents that could include theft, loss of data, loss of income, and more. It also covers the structure or building from which your business operates, so it’s not recommended for most home-based businesses that may qualify for different types of policies. Importantly, a BOP provides some off-premises coverage, including liability coverage for products and parts.
BOP Businesses Types
It’s a great insurance option for many businesses such as, but not limited to:
- Roofers
- Truckers
- Plumbers
- Electricians
- Drywall Installers
- Landscapers
- HVAC Shops
- Restaurants
- Convenience Stores
- Storage Shed Businesses
- and other similar businesses
Business Owners Policy Coverages
Typical coverages included in a Business Owners Package included:
General Liability – Offers protection in the event that you, your employees, your products, or your services cause Bodily Injury or Property Damage to a third party, such as a customer or a vendor.
Professional Liability – Sometimes referred to as Errors & Omissions (E&O), this coverage helps pay for costs related to the defense of, and damages to other for improperly rendering, or failing to provide professional services properly.
Product Liability – If your products fail to perform as designed, resulting in property damage, causing injury, or causing death, this coverage will help cover your related expenses.
Commercial Property – Provides financial protection for your business property and equipment, such as any computers, office equipment, tools and more, as well as the structure in which the property is housed.
Commercial Business Auto – Coverage for your business’s vehicles, whether they transport employees, products or equipment. If employees drive their vehicle while performing company business, you should have a non-owned auto liability insurance policy.
Business Interruption – Coverage to make up for shortfalls should your business operations be slowed or halted due to a covered event such as a fire or windstorm
Crime Insurance – covers a company from a variety of criminal acts, such as employee theft, robbery, forgery, extortion and computer fraud.
A BOP is an excellent choice for many businesses because it can cover a wide variety of needs. However, that is not always the case. Regardless, Our experienced insurance agents will be able to help you determine which types of business policies would best insure your enterprise.
Contact Integrity for a Business Owners’ Policy Quote
Integrity Insurance agents can provide you with a free business owners’ policy insurance quote and offer advice on coverage options available and recommended for your particular business. Our knowledgeable agents can help identify the right insurance policy to protect your business, vehicle fleet, and employees. Contact us today to receive your no-obligation BOP insurance quote.
