Insurance companies offer commercial policies that combine protection from all major property and liability risks in one package called a Business Owners Policy (BOP). Created for small & mid-sized businesses, these package policies include:
Property Insurance
For buildings and contents owned by the company — there are two different forms, standard and special, which provides more comprehensive coverage.
Business income insurance
Covers the loss of income resulting from a fire or other catastrophe that disrupts the operation of the business. It can also include the extra expense of operating out of a temporary location.
Liability protection
Covers your company’s legal responsibility for the harm it may cause to others. This harm is a result of things that you and your employees do or fail to do in your business operations that may cause bodily injury or property damage due to defective products, faulty installations and errors in services provided.
A BOP Does Not include:
Professional Liability Insurance – coverage against financial losses from lawsuits filed against you by clients.
Business Auto Insurance—auto insurance coverage for vehicles used for business-related activities.
Workers’ Compensation Insurance—coverage for medical care and compensation for lost income for employees who are injured on the job.
Health Insurance—employer-sponsored coverage for business owners, employees, and often for dependents.
A BOP Does Include:
Property
- Building
- Business personal property
- Business income and extra expenses
Business Liability
- Bodily injury and property damage
- Personal and advertising injury
- Fire legal liability
- Medical expenses
With a BOP you have the ability to customize the policy to meet your individual business needs. Perhaps you need general liability coverage that includes operations. Or, you need to add business auto coverage or commercial property insurance. We will work with you to find the right coverage to meet your specific need.
