Also referred to as a BOP, a Business Owners Policy combines the coverage of business property and business liability under one policy for maximum convenience. An added advantage is that these policies can be tailored to fit your company’s needs. You can add optional coverage for other unforeseen risks, such as data breaches and professional liability (also known as errors and omissions).
By combining two types of coverage into one policy, businesses can simplify their processes and paperwork and also save money on their coverage.
Despite the comprehensive coverage provided by a Business Owners Policy, there are still other types of Business Insurance that you should consider carrying to protect yourself, your assets, and your business.
Although this type of Business Insurance covers a wide array of circumstances, it’s crucial also to take note of what’s not covered in this plan. Here’s an overview of items that would require a separate policy:
Every business can benefit from a BOP as the peace of mind it offers, and the coverage it provides can make the difference between a company surviving a claim or disaster or having to shut down entirely.
Because a Business Owners Policy protects both property, people, and your business itself, it is advisable to consider carrying it if any of the following apply to your situation:
Not all claims have to do with bodily injury, negligence or disaster.
If you manufacture a product, you could also be held liable if it’s found to defective. For example, your company might make iPhone chargers. If a batch is faulty and a customer’s phone explodes or catches fire when they plug it in, the customer could sue you for the cost of replacing the phone and any damages to their home. In addition to paying these expenses, your BOP would also cover the legal costs.
Another example of a claim would be theft at your facility. Perhaps you have an office with about 20 employees. One night, a thief breaks in and steals all of the computers, the projector in your conference room, and other office equipment. Most BOPs come with commercial property insurance, which would cover the replacement costs of the equipment as well as the damage to the building sustained by the break-in, such as broken windows, etc.
As an independent agency, we have access to multiple carriers. We do all the research and comparison shopping for you, helping you lock in the most competitive prices while getting a plan that best fits your needs. We take a data-driven approach to find the perfect policy so that you have the coverage you need without paying for the things you don’t.