Business is unpredictable. The factors that allow you to operate a business can be equally as volatile. You may have the necessary policies in place, but have you considered combining your liability and property insurance coverages?
How a Business Owners’ Policy Works (BOP)
A Business Owners’ Policy (BOP) combines the best of liability and property coverage to create an overarching, comprehensive policy. Geared toward small and medium-sized businesses, this policy combines general liability, business income and commercial property, offering a strong baseline for coverage at an affordable price.
Every business has different needs. For more tailored coverage, work with your agent to add a series of endorsements. A BOP ensures:
- Your building and contents may be insured on one policy.
- Your business can continue operating after certain catastrophes, including fires and natural disasters. Lost income won’t force you to lay off workers or close up shop.
- Your company has coverage in the event a customer or client is injured on your property, or your workers accidentally damage third-party property.
On its own, a BOP does not cover your employees. To be competitive and compliant with state laws, you will be expected to purchase a separate workers’ compensation insurance policy.
Keep in mind, not all businesses are eligible for BOP coverage. It’s a fairly common option for restaurants, medium-sized wholesalers, retail stores and contractors. A BOP can also be used to insure apartment complexes and condominiums, office buildings and other facilities within certain size restrictions.
Why a BOP?
As a business owner, you’re automatically vulnerable to certain risks, no matter how carefully you operate.
Consider a BOP when:
- Your business has a physical location – even if operating out of your home.
- There is any possibility of a lawsuit – advertisements, injuries.
- You have products or equipment that could be stolen or damaged, including digital assets and company furniture.
At HUB International, we provide affordable BOP insurance solutions to meet your unique risk exposures.
Our BOP policy covers, but is not limited to:
- Equipment Protection
- General Liability
- Hired and Non-Owned Auto Liability
- Medical Payment Coverage
- Equipment Breakdown
for a business owners’ policy quote!