What is BOP and What Does It Include?
What is BOP and What Does It Include?
A BOP is a Business Owner’s Policy and is generally considered the starting point for loss protection for most businesses. If you are starting a business or are considering acquiring business insurance, a basic BOP is the place to start. But what all is included in a BOP and how does coverage protect a business?
General Liability Insurance
This critical portion of a BOP protects a business against the financial loss associated with a liability claim. This can include injuries sustained in an accident, damage to the property of another caused due to the actions of your business or one of its employees, and personal and advertising injury claims. General liability coverage not only financially protects a business from judgments that may be made, but any potential settlements that may be reached. It also can cover the legal costs associated with any liability claims against a business.
Commercial Property Insurance
This coverage protects a businesses’ hard assets like furniture, computers, equipment, inventory and property. It will usually provide coverage for a variety of calamities like fires, theft, vandalism and more. This protection is valuable whether you own or lease your business space and will restore property to its pre-calamity condition.
Business Income Insurance
Sometimes referred to as business interruption insurance, this replaces a company’s income while repairs are being made as a result of a covered claim.
as a result of a covered claim. to a damaged business.
Keep in mind, the elements of a BOP; Liability Insurance, Commercial Property Insurance and Business Income Insurance are just the starting point for a business insurance program. Other coverage to consider is professional liability insurance, data breach insurance, fleet or business vehicle insurance, product liability insurance and others.
Like your personal insurance, your business insurance should be customized to your specific business and the risks you are subject to. Our business insurance professionals can help.
As independent insurance agents, our team can review the coverage of multiple companies. They will seek out the coverage that works best for your situation. Whether you want to start out with a basic BOP or put together a more extensive plan, contact us. Get the protection your business deserves today.
Do you have questions about your insurance? Find an insurance agent near you with our Agent Finder
Search All Blogs
Search All Blogs
Read More Blogs
The Driver’s Playbook: How to Maximize Your Auto Insurance Benefits
A playbook for drivers, revealing key policy benefits and strategies to get the most from your auto insurance.
Beyond the Big House: Uncovering the Hidden Value in Home Insurance
A deep dive into the valuable but often overlooked components of a home insurance policy.
The Thrill of the Grill: A Masterclass in BBQ Perfection
An ultimate guide to mastering grilling and barbecue, with tips, techniques, and delicious recipes.
The Entrepreneur’s Armor: A Guide to Protecting Your Business
A crucial guide to business insurance, covering essential policies and strategies for entrepreneurs.
The Gift of Security: A Simple Guide to Life Insurance
An easy-to-understand guide to life insurance, explaining policy types and a simple way to calculate your needs.
Hitting the Road Safely: Understanding Your Auto Insurance Policy
A simple guide to auto insurance, explaining coverage, premiums, and tips for finding the best policy.
The Homeowner’s Handbook: Protecting Your Property and Peace of Mind
A clear guide to home insurance, covering policy types, inventory tips, and how to save money.
The Art of the Perfect Pizza: From Dough to Delight
A comprehensive guide to making delicious, restaurant-quality pizza at home, from dough to toppings.
Shielding Your Enterprise: The Small Business Owner’s Guide to Insurance
A deep dive into business insurance, covering essential policies and strategies to protect your company from risk.
Your Legacy, Your Promise: A Practical Guide to Life Insurance
A clear, practical guide to life insurance, explaining term vs. permanent policies and how to calculate your needs.