What Is Business Owners Policy?
A Business Owner’s Policy (BOP) combines business property and business liability insurance into one convenient policy. This policy helps cover your business from claims resulting from things like fire, theft or another covered disaster and from claims involving bodily injury, property damage and personal and advertising injury that could arise from your business’ operations. With two important coverage that most businesses need, Business Owners Policy offers businesses a way to save money when it comes to purchasing insurance as compared to purchasing separate policies.
Who needs a Business Owners Policy?
You should consider a Business Owners Policy if:
Your business has a physical location, whether it’s home-based or a rented or owned office, store or other work place.
There’s a possibility of you being sued – for example, by a customer who was injured at your work place.
You have assets that could be stolen or damaged – whether they’re digital assets, customer data, equipment, furniture, cash or inventory
What does a Business Owner’s Policy (BOP) typically include?
Business Property Insurance
Property insurance helps protect the property your business owns, leases or rents, including things like buildings, equipment, inventory, furniture and fixtures. It provides coverage for loss of accounts receivable and valuable papers and records.Business Liability Insurance
When it comes to liability protection, the broader the coverage the better. That’s why it’s important to have business liability insurance as it helps cover your business in the event it is sued for causing harm to a person and/or damage to property. It also helps cover the cost of your defense – because businesses can be sued even if they did nothing wrong.
Additional Coverage for your business
Businesses can tailor a Business Owners’ Policy to help meet their unique needs by adding optional coverage, such as:
Workers’ Compensation
For businesses with employees, Workers’ Compensation Insurance is important. This coverage pays an employee or employee’s family for medical costs in the event of a work related injury, illness or death. Workers’ Compensation also helps cover an employee’s income if they are out of work due to a covered illness or injury.
Commercial Auto insurance
If you are using a vehicle to run errands for your business or to do anything relating to your business, a commercial auto insurance is necessary. In case of an accident or any physical damage done to your business vehicle may not only cause any interference with your business operations but more importantly, without commercial auto insurance, it will be financially costly for you.
Data Breach Coverage
Any business that handles or stores private customer, patient or employee information is at risk for a data breach. When this sensitive information is lost or stolen, it’s important to act quickly to restore confidence in your business. If a breach occurs, the coverage can help pay for the expenses to notify impacted individuals, engage credit monitoring services (if warranted), public relations and more.
PROFESSIONAL LIABILITY (ERRORS AND OMISSIONS) COVERAGE
You put your professional judgment and expertise on the line just about every day. Even if you’ve done nothing wrong, your business can be sued by a customer or client claiming a negligent act, error or omission in the professional services you provided. Add Professional Liability (Errors and Omissions) coverage to your Business Owners Policy insurance to help protect your business from this type of claim. Some types of businesses may not be eligible for this coverage.
If you have a small business or running a home-based business in New York or New Jersey, feel free to reach out to us at info@hibluerock.com or call us at 718 886-6601. Read more about small business insurance here. BlueRock Insurance Services is more than happy to help you out!
