Business Owners Insurance Policy "BOP"

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What Types of Business Owners Insurance are Available?


Business owners insurance policies protect the business from risk, either as an individual package or as a combined package. A company has an option to alter what is in the BOP to meet the company’s specific needs.

1. Business Owners Policy (BOP)

Small and medium-sized businesses usually purchase the BOP, which consists of prepackaged liability and property coverage to cover a wide array of risks.

Nonetheless, it does not cover auto insurance, worker’s compensation, professional liability, disability or health insurance. Those types of policies need to be purchased separately.

A BOP covers:

  • Liability: The legal responsibility of a company for the harm it may cause due to employee negligence or other damage that may cause bodily harm or property damage.
  • Property: BOP covers losses to your building and any other property owned by the company, including installed machinery, business stock, equipment and property stored off premises. Property insurance under the BOP come in different packages depending on the premiums paid. A standard coverage will only cover losses listed in the contract. Some will include losses incurred during a fire or any other unforeseen perils and others from losses incurred through theft or income loss.
  • Optional coverage: Along with the basic BOP coverage, you may also opt for insurance coverage for your company such as mechanical breakdown, burglary and robbery, employee dishonesty, fidelity bond, flood and outdoor signs.

2. General Liability Insurance

This is the primary type of insurance your company should have even if it is home-based. This coverage protects you from customer lawsuits or claims if your employees, company, services or products caused or alleged to cause harm to a third party, either by bodily injury, property damage, personal damage or slander. Your insurance policy should cover your legal representation.

3. Property Insurance

Property insurance protects your business or personal property from fire, smoke, wind, theft, vandalism, property damage, etc. Property insurance will cover you no matter whether you own the business premises or lease the space; what matters is the property within the premises. Company property can refer to documents, equipment, cash, buildings, and even lost income.

4. Professional Liability

Also known as the Errors and Omissions (E&O) insurance, this coverage is purchased by professional service providers such as doctors, lawyers, consultants, service providers, and others. This liability policy protects professional business owners against claims of errors, malpractice or negligence in the process of serving customers.

5. Vehicle Insurance

Company vehicles should be adequately insured to protect your company against liability in the event of an accident. A business can insure the vehicles against third party injury. However, if the employees are using their cars for business, their personal insurance will cover them.

There are many other industry-specific insurance policies a business owner can purchase, such as product liability insurance, data breach, workers compensation and commercial auto insurance. Some are required by the law, and others are purchased to meet the needs of your company. Our agents are business insurance specialists who can put together just the right blend of coverage for your business’s exact needs.

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