Protection Your Business Needs
A Business Owner’s Policy (BOP) combines business property and business liability insurance into one convenient policy. A BOP helps cover your organization 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 daily operations.
Who needs a Business Owner’s Policy?
You should consider a business owner’s policy if:
- Your organization has a physical location, whether your home or a rented or owned office, store or other workplace.
- There’s a possibility of you being sued – for example, by a customer who was injured at your workplace.
- You have assets that could be stolen or damaged – whether they’re digital assets, customer data, equipment, furniture, cash or inventory.
What’s the advantage of a Business Owner’s Policy?
Purchasing a BOP is smart and convenient. It simplifies coverage needs by including business property and business liability, two important coverages that most organizations need, in one policy. Compared to purchasing separate policies for business property and business liability, a Business Owner's Policy (BOP) offers organizations a way to save money while getting broad coverage for things like fire, theft, lawsuits and loss of income.
What does a Business Owner’s Policy (BOP) typically include?
- Business Property Insurance
The property insurance can help protect the property your organization 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 a BOP provides business liability insurance that helps cover your organization 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
an organization can be sued even if it did nothing wrong.
- Business Income Coverage
If unexpected events cause a suspension in your operations resulting from a covered cause of loss, BOP insurance will help replace loss of income to help you meet your continuing financial obligations such as rent or payroll.