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What You Need To Know About a BOP

Are you a business owner? Are you, your business and employees properly insured? Learn what a BOP is and what insurance you need for your individual business.
10/23/2014

What is a BOP?

A BOP is a business owner’s policy, which combines general liability, property and business interruption in one package for small-to medium-sized businesses.

What’s covered under a BOP?

A BOP includes property insurance, which covers the property you rent or own against fire, vandalism, smoke damage, wind damage, explosion, etc. Personal business property is also covered (such as tools you own personally), whether it’s an item owned by the company, the owner or a third party that is in custody or control of the business or owner. Business interruption insurance pays you for the loss of income and extra expenses you incur while your business is closed due to a property loss.

General liability insurance covers the claims costs you are obligated to pay resulting from things like a customer suffering from bodily damage, advertising damage and/or property damage on your property or caused by your business operations.

What other business insurance lines should you purchase?

There are a few different factors in deciding if you need to add on to your BOP and what exactly you need.  Consider the risk to your business and budget, but don’t skimp on your coverage, either, in the case of an accident or interruption.

Other insurance types you could add to your BOP or purchase separately include:

  • Health Insurance
  • Disability Insurance
  • Commercial Auto Insurance
  • Liquor Liability Insurance
  • Workers’ compensation, required in almost every state, provides medical benefits and wages lost to an employee that has become injured or sick due to work conditions or environment
  • D&O, directors and officers, is an insurance that protects your directors and officers if they are sued
  • EPLI, employment practices liability insurance, covers wrongful acts that occur in the employment process, including discrimination, wrongful termination, sexual harassment, etc
  • Professional Liability Coverage (Errors and Omissions) helps protect professionals who provide advice and services in the event they are sued for negligence
  • Fiduciary Liability Insurance covers an owner or officer who handles 401(k) or other employee benefits in the case of a lawsuit for errors, omissions, etc
  • Cyber Coverage is an insurance that can cover, depending on your carrier, costs of a suit or claim related to a data breach, fraud or extortion
  • Business Continuation Insurance helps to cover costs in finding a replacement when your business is interrupted by the death or disability of a crucial employee

 

Need More Help?? The most important part of buying a BOP is finding the right agent. Don’t have a trusted agent? Find one today!

 

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