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A business owner policy (BOP) helps protect your company’s assets, such as computers and furniture, against damage due to theft, fire, or an accident.
Business owner policies typically combine property and liability insurance into a single package. Most insurers allow you to tailor your BOP to meet needs specific to your business or industry.
What Does a Business Owner Policy Cover?
Typically, these policies cover:
- Commercial property (whether leased or owned), including buildings, furniture, inventory, and equipment.
- Business liability, in the event a third party (i.e. non-employee) claims you, your business, or your employee(s) damaged or harmed their person or property. Liability insurance also helps cover the cost of defending your business against one of these lawsuits.
- Business income, in the event a covered loss results in a suspension of operations that results in lost income.
Many businesses prefer to bundle their insurance policies. One of the more popular add-on options is professional liability insurance, also known as an errors & omissions (E&O) policy. These policies protect businesses that provide services, such as doctors, architects, and consultants.
What Isn’t Covered by a Business Owner Policy?
Although you can tailor your policy, BOPs don’t cover everything. If you want to cover your employees, services, and/or vehicles, you need one or more of the following:
- Auto insurance
- Professional liability insurance
- Workers’ compensation insurance
- Health and disability insurance
Do You Need a Business Owner Policy?
If your business has a physical location, even if it’s your home, you probably want a BOP. You also want one if your business has any assets, whether physical or digital. This can be anything from customer data to a store’s inventory. Finally, if you’re at risk of a lawsuit due to customer injury, a business owner policy helps protect you.
Are you ready to learn more? Fill out our contact form or give us a call at 480-391-3883.