Business Owner Policy
What Is Business Owner’s Policy Insurance?
A Business Owner’s Policy (BOP) combines business property and business liability insurance into one policy.
What is covered under BOP Insurance?
BOP Insurance helps cover your business for claims resulting from:
- Fire and other covered disasters
- Claims which could arise from your business’s operation such as claims of bodily injury, property damage, or personal and advertising injury.
Business Insurance Policies are great for small to medium-sized businesses because they can be tailored to meet their unique needs by adding optional coverages such as:
- Data Breach Insurance
- Business interruption insurance which covers your business if something were to occur like a fire or power outage which caused your business to be shut down and lose income during that time
- Employment Practices Liability Insurance (EPLI) — a type of liability insurance covering wrongful acts arising from employment. The most frequent types of claims covered under such policies include wrongful termination, discrimination, sexual harassment, and retaliation.
- Other specialized coverages
Who would benefit from BOP Insurance?
You should consider a business owner’s insurance policy if:
- your business has a physical location
- there is a possibility of a claim being filed against your company
- you have assets which can be damaged or stolen
Purchasing Business Owner’s Policy Insurance is a smart and convenient decision, not only because it simplifies coverage needs by including business property and business liability insurance under one umbrella, but a BOP is more cost-effective as bundling these two will save you more money than purchasing them separately.