A Business Owner Insurance Policy (BOP) helps you protect yourself and your company from unexpected problems arising out of owning and running that company.
All companies need some types of insurance policies, but many small businesses are especially at risk with their current coverage. A BOP helps to fill those gaps in coverage created by use, or total lack thereof, other insurance policies. Common types of small companies in need of a BOP include: retail stores, restaurants and food vendors, independent contractors, and professional services companies.
A Business Owner’s policy can cover you as the owner/operator of a company for:
-General Liability: If someone injures themselves on your premises you need coverage to protect you from a suit arising from that injury. This covers you in the event of personal injury or property damage arising from conducting your work.
-Property: Covers your property, both real and personal, associated with your company. This can include, but is not limited to, your office building as well as office supplies such as computers, furniture, and equipment.
If your company provides a service, whether physical or intangible, a BOP can cover you for that professional liability as well. This option can be included as an endorsement on your BOP.
Your BOP is intended to cover your company from the ground up creating a total protection without gaps. Many endorsements are available to complete your coverage making sure that your company stays safe from any unexpected interruptions. Some of these endorsements which can be added include: Business Income, in case you are unable to continue work for a certain amount of time; Employment Practices Liability in the event someone disagrees with your reasons for hiring or firing an employee; and Commercial Auto Coverage if your company owns one or more vehicles; plus many more options.
Having a BOP allows you to stop worrying about protecting your company from unexpected liability and focus on doing what you do best. Together with this coverage, you will be able to ensure that your company stays up and running serving your clients for many years ahead.