A Business Owners Policy is unique in that it accounts for a combination of coverages in one convenient package for many interested small and mid-sized businesses. Also commonly referred to as a BOP, this insurance is very popular, mainly because it is cost efficient, made even more so by agents who use a sophisticated rating system that can help determine the best products at an affordable cost.
Key Features of BOP Insurance
Having the capability to bundle property and liability coverage into one package that provides the most basic protection for a business is a huge benefit for most business owners. Some of the main features and benefits of the policy includes General liability protection (which defends your business against claims of bodily injury involving non-employees, medical fees associated with resulting injuries, and accidental damage to others’ property regardless of fault).
In addition, the equipment coverage portion of the policy protects all of your business furniture, gear and supplies at multiple office locations, making it easier to protect your inventory
This policy is purchased by many different business entities, including IT/technology consultants, marketing consultants, and business or management consultants, along with recruiters, PR specialists, graphic designers, photographers, interior designers and other types of service professionals.
A Business Owners Policy can also be used by companies that rent or lease equipment or furniture. It can also help protect personal property belonging to others whenever you’re liable for its loss or damage while it is in your care, custody and control.
Additional Coverage Options
There are some specific coverages that can also help protect you from out-of-pocket costs you could incur if, for example, your business is temporarily forced to close due to a covered loss. By having business interruption protection as a part of your bundled policy, if a covered disaster (like theft, fire, etc.) hampers the successful operation of your business, your loss of income will be covered.
Depending on your business, it can also include the added expense of temporarily having to operate out of another location. You might also want to consider crime coverage (which generally ranges from $1,000 to $5,000) and can often be included in your BOP, which can help cover some of the costs resulting from employee dishonesty, computer fraud, and other exposures. Speak to an agent about any questions or concerns related to this product.