Is your small to mid-size business protected with a “BOP”?
A “BOP” is a Business Owners Policy that combines protection from all of the major property and liability risks for most businesses in one package. Similar to a Homeowner’s policy protecting your home, the Business Owners Policy is a standardized insurance policy designed for the small to mid-size business. Where a larger company might customize a policy to meet their specific needs, or purchase a Commercial Package, the BOP is a great option to protect a smaller company from the risks they face during day-to-day operations.
Typically a Business Owners Policy includes:
- Property insurance. The standard form protects physical buildings and contents owned by the company. Or, more comprehensive coverage can be provided using the special form.
- Business Interruption Insurance. Coverage from loss of income resulting from a catastrophic disruption of business and even the costs incurred if there is a need to operate from a temporary location.
- Liability Protection. Harm resulting from bodily injury or property damage caused by things that you and your employees do or fail to do in your business operations. May also provide coverage from damage due to defective products, faulty installations and errors in services provided.
Premiums for BOP policies are generally less expensive than the same coverage would cost if purchased individually and unbundled. Premiums are based on factors such as the financial stability, the location of the business, the square footage or size of the premises, the required or desired limits of liability, the industry of the business, the extent of offsite activity, building construction, and security features and fire hazards.
For additional coverage to further protect your business you may also consider professional liability, auto insurance, worker’s compensation or health and disability insurance. These are additional insurance products typically not included in a BOP.
Let Accuchex Insurance Services help you to explore your options so you are confident that the risks are managed by the most compressive policies that best fit your business.