A Business Owners Policy, or BOP, protects your small business from a variety of risks, usually through a combination of general liability, property, and workers' compensation insurance.
Do you need a BOP?
All small businesses such as retail stores, restaurants, and independent contractors typically need a BOP to safeguard against unexpected financial losses beyond general liability claims.
What is included in a BOP?
What is included can vary depending on policy and carrier, but a simple BOP might contain only a few coverages:
General liability - Provides protection if you cause bodily injury, property damage, personal injury or advertising injury. *Eligible contractors can get General Liability as a standalone coverage.
Property - Provides replacement cost coverage for buildings and most business owners' personal property.
Workers' compensation - Protects you and your employees from financial hardships caused by accidents or illnesses related to the job.
What else should you consider??
You might be exposed to other risks. Additional BOP coverages might include:
Professional Liability
Employment Practices Liability
Identity Theft
Electronic Data and Equipment
Personal Property of Other
Valuable Papers and Records
Blanket Additional Insured
Limited Property of Others Liability
Short-Term Pollution from Pollutants at Job Site
Building & Business Personal Property
Business Income and Extra Expense
Small business owner?? Look at a BOP (Business Owners Policy)
Written by Sullivan Insurance Agency on May 20, 2015