Whether you’re in the construction, manufacturing, medical, restaurant or transportation industry, you need to protect your company with a business owner’s policy, also known as BOP. You may be wondering what a BOP covers and if you need one.

Let’s go over the coverage you get with this type of business insurance.

A business owner’s policy combines protection from all major property and liability risks into one package. Many small- and mid-sized businesses purchase the BOP, designed for businesses that face the same degree and type of risk. Large corporations or companies may purchase a commercial package policy or create a custom policy to encompass the unique risks they face.

BOPs include:

  1. Property insurance for buildings and contents owned by the company:
  2. The two main types are standard and special (more comprehensive coverage).
  3. Business interruption insurance: This will cover the loss of income that may occur after a fire or other catastrophe that interferes with a business’ operation. Additionally, it could include the extra expense of having to operate out of a temporary location.
  4. Liability protection: This covers your legal responsibility for any harm caused to others, such as bodily injury or property damage due to faulty installations, defective products, or errors in provided services.

To get a free quote on a BOP, you will need to provide the following information:

  • Basic information about your business, such as annual sales receipts
  • Information about your building’s construction, including material, age and square
  • footage
  • Employee information, including the number of employees you have
  • If you plan to insure vehicles associated with your business, provide the car types,
  • VIN numbers and drivers
  • Details regarding any prior claims

What BOPS Do NOT Cover

BOPs won’t cover professional liability, car insurance, health and disability insurance, or worker’s compensation. You will have to select separate policies to cover professional services, your employees and any vehicles.

Do You Need a BOP?

BOP insurance may be right for you if:

  • Your business is located outside your home
  • Your business has fewer than 100 employees and less than $5 million in sales
  • You have equipment or property you wish to protect
  • You want to protect the investments made to your business

If you still aren’t sure if you need business owner’s insurance, speak to your local trusted insurance agent to go over options and ask questions.

Contact Bearce Insurance for your Business Owner’s Policy

To learn more about our business owner’s policy coverage options, please contact us locally at 508-586-3400 or toll-free at 800-498-9900, or get an online quote today. We can create a custom insurance program for your business, manage claims, handle all Certificate of Insurance requests, and help you with the annual audit process.