Is a BOP Right for Your Business?
Insurance is one of the best ways for business owners to manage risk. Financial losses stemming from property damage can be difficult to recoup without some sort of financial backing. When looking to protect your business, you may consider a Business Owner’s Policy (BOP). A BOP can be the right choice for your company – here’s why.
What is a BOP?
A business owner’s policy is a package that encompasses different insurance policies into one convenient policy. This type of policy is ideal for small to mid-sized businesses that are looking for comprehensive coverage at an affordable price. The packages can be tailored to suit your business’s needs.
A BOP generally combines the following types of coverage in one convenient bundle:
- Commercial property insurance: This covers loss of property from common perils such as a fire, wind, hail, explosions, vandalism, and theft. It protects your business’s equipment, furniture, inventory, machinery, raw materials, computers, and anything else that is necessary for business operation.
- General liability insurance: This covers a company’s legal responsibility for any harm it may cause to others, up to the policy limit. It can help to cover attorney fees and medical bills for anyone injured by the company.
- Business interruption insurance: This reimburses the business for loss of income if a covered peril interferes with the successful operation of the business.
What is excluded from coverage?
Even though a BOP is a convenient insurance option for small to mid-sized business owners, it does not cover the following:
- Professional liability: This covers those working in service businesses.
- Workers’ compensation: This is required by businesses, and helps employees pay for qualified expenses related to workplace injury or illness.
- Commercial auto insurance: This covers vehicle owned and operated by the business and its employees.
As a result, you should consider these additional coverages in order to best protect your business.
Let the experts at Massive Insurance find the quality business insurance your company needs and deserves. Serving California, Texas, and Florida, we aid business owners in choosing the right coverage to meet their needs, budget, and demands.