Why Business Owners Should Consider a BOP

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Why Business Owners Should Consider a BOP

What Every Small Business Owner Needs to Know About a BOP

One of the critical needs of every business owner is choosing the right business insurance. Too much insurance means that money could have been spent elsewhere, too little insurance and you leave your business unprotected. Most small business owners should consider a Business Owner’s Policy, or a BOP, which makes it easy to safeguard your company.

What is a BOP?

A BOP bundles several types of coverages into one easy package. Not only does it help businesses cover all their risks, but it can save owners time and money as it typically costs less than the cost of all the individual coverages combined. A BOP bundles several types of coverage in one package and is designed for small and mid-sized businesses.

What’s included in a BOP?

A BOP typically combines the following coverages in one convenient bundle:

  • Commercial property insurance – Covers losses to property from common perils. It also covers office equipment, furniture, inventory, machinery, and anything else that is vital to business operations.
  • General liability insurance – Provides coverage for bodily injury and property damage to third-parties. It helps to cover attorney fees and medical bills for anyone injured by the company.
  • Business interruption insurance – Reimburses for loss of income if a covered disaster interferes with the successful operation of the business.

What does it not cover?

Even though you can often customize your BOP, there are certain types of coverages that are not included, which you must purchase separately. Generally, crime coverage, data breach coverage, errors and omissions coverage, commercial auto insurance, and workers’ compensation are excluded. Talk to your insurer to determine if you could benefit from these coverages.

Would your business benefit from a BOP? To find quality insurance for all of your business needs, contact the professionals at Chambers & Company Insurance Brokers.


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