Business Owner's Policy (BOP Insurance)

Business Owner's Policy (BOP Insurance)

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As a small business owner, you're probably a champion at multitasking.

Taking care of customers. Making payroll. Growing your business.

It's all on you, and you've got it covered. Think of a BOP as an insurance policy that works as hard as you do.

A BOP or a Business Owners Policy brings together most of the insurance coverage a small business owner typically needs in one package.

Making it much simpler to protect your business.

Here's what a BOP typically includes.

First, the nuts and bolts of your business, your property. If your inventory gets damaged in a fire or a thief targets the laptops in your office, Property Coverage can help you recover. A BOP provides business income protection in case your property is damaged or destroyed by a fire, water damage, or other covered loss and your revenue stream is impacted.

This can even apply to damage at your suppliers or the warehouses you depend on. And Extra Expense helps get your business up and running as quickly as possible after a covered loss.

What else? Liability. There are key legal risks to consider. General Liability insurance can include Premises Liability for accidental injuries like slips, trips, and falls at your property.

A BOP helps protect you by paying for costs or damages if you're held responsible. It also covers legal defense costs if you're sued, and as your business is unique, so is your BOP. You can get additional coverage based on what your business needs.

Running a small business continues to evolve with a more efficient, cost-effective BOP. It's less likely you'll miss out on an important coverage. After all, you've got a business to run.

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How a Business Owners Policy (BOP) Works

Has your independent insurance agent recommended a business owners policy, or BOP, for your business insurance?

Despite its funny name – BOP – this type of insurance is ideal for small to mid-size companies that would benefit from having a broad package of insurance products.

In its own way, a BOP is similar to a combo available on a fast food menu. It’s a tried-and-true package of comprehensive business insurance coverages, and then you can customize it, typically by adding on coverage, to make it a great fit for your business.

With a BOP, a fire, theft, business liability or business interruption would pack less of a financial punch to your operations and your bottom line.

The Right Business for BOP Insurance

The next time you walk down the main street in your small town, take a look at the businesses lining the road. Nearly every one of these small to mid-size companies would be an ideal candidate for a BOP. It’s a great business insurance choice for most offices, retail, beauty shops, electricians and plumbers, auto service garages, funeral homes, family-style restaurants, florists, gift shops and many more businesses.

Customizing a BOP for Your Business

Many insurance carriers offer a tailored set of insurance coverages for each type of business, such as offices or garages, that can be added onto a BOP to customize it to the business’s unique insurance needs. On top of this, there are optional insurance coverages that many businesses choose to add on to their BOP for additional protection, like cyber insurance, employment practices liability insurance (EPLI) and mechanical break-down insurance.

Commercial vehicle insurance and umbrella insurance are separate policies that you also may want for your business. And, depending on your state, you may need to purchase workers’ compensation coverage, too.

Be sure to walk through your coverage options with your independent agent to make sure your business has adequate protection for all the “what ifs” it could encounter down the road.

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A Few Things to Consider

The nice thing about a BOP is that it’s pre-packaged under one policy, making it easier to review and oftentimes more cost-effective than purchasing separate insurance policies for all of your business’s insurance needs.

However, not all small to mid-size businesses will qualify because of specific risks inherent in the business. In those cases, insurance coverage can be purchased separately.

Before purchasing a BOP, it’s also a good idea to look into the insurance carrier’s claim handling, customer service and payment options. You’ll appreciate having an easier experience when the time comes to set up bill payments or to file a claim.

This article is for informational and suggestion purposes only. If insurance policy coverage descriptions in this article conflict with the language in the policy, the language in the policy applies. To learn more about Grange’s business insurance, including businessowners policies and available coverages and discounts, please speak with your local independent agent. Businessowners policies are underwritten by Grange Insurance Company, Grange Insurance Company of Michigan and Integrity Insurance Company.

References:
- Insurance Information Institute

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