What Is Business Owner’s Policy (BOP) Insurance?

Business Owner’s Policy (BOP) combines business property and business liability insurance into one business insurance policy. BOP insurance helps cover your business from claims resulting from things like fire, theft or other covered disasters. Business owners insurance also helps cover claims that could arise from your business’s operation. These include claims of bodily injury or property damage. They also include claims related to personal and advertising injury.

Businesses can tailor their 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
• Other specialized coverages

A BOP Policy is great because it can be custom-made to fit industry specific businesses. This means it’s great for businesses of any size especially small businesses. Package policies, such as a Business Owner’s Policy, are built to cover businesses that generally face the same risks. Customizing your BOP Insurance is an imperative first step when insuring your business. You should do this from the beginning to protect against loss and damages early on.
 Who Needs a Business Owner’s Policy? You should consider a business owner’s insurance policy if:
 

• Your business has a physical location. It doesn’t matter where you conduct your business, it matters if your business and assets have coverage. Your BOP policy can help cover businesses run out of your home, a rented or owned office, store or garage.
• There’s a possibility of you getting sued. For example, let’s say a customer who was injured at your work place slips and falls. Without the proper business owner’s insurance, you may be looking at hefty out-of-pocket fees to cover the customer’s medical expenses.
• You have assets that could get stolen or damaged. From digital assets and customer data, to equipment, furniture, cash or inventory, some assets can be very hard to replace. With BOP Insurance, you don’t have to worry about where the money is coming from in the event you have assets that got stolen or damaged.

What’s the Advantage of a Business Owner’s Policy?Purchasing a BOP Policy is smart and convenient. It simplifies coverage needs by including business property insurance and business liability insurance. These are two important coverages combined into one. A Business Owner’s Policy (BOP) offers businesses a way to save money while getting broad coverage for things like:
 

• Fire
• Theft
• Lawsuits
• Loss of income

A BOP policy is a more affordable option than buying separate business property and liability policies. This policy is an even smarter and more convenient choice for business owners because you can add other coverages to it. Businesses with specific needs can tailor their BOP by adding coverages like:
 

• Business income for off-premises utility services
• Data breach
• Professional liability

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Want to know more? Get in touch with one of our insurance professionals to see how we can help you get started with a Business Owner's Policy.

Source: thehartford.com