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
Pre-Planning Doesn’t Require Pre-Paying
You Don’t Have to Wait Until You Are Financially Ready to Pre-Plan Final Services
Fear of Fire: How Flames Have Caused Destruction Across America
Early Fires in America Were Often Devastating
America’s Castles
Amazing Mansions and Estates from Around the Country
Seven “Must Do’s” When Visiting Florida
There is Much More to Florida Than Roller Coasters and Beaches
How to Handle Negative Online Feedback
Your Online Reputation is Valuable and Worth Managing
How to Encourage Kids to Have Healthier Eating Habits
They May Not Eat Perfectly But They Certainly Can Eat Better
How Are Your Driving Skills?
Is It Just All the Other Drivers Who Are Unsafe?
Making Your House More Toddler Safe
The Joys of Playing Hockey Goalie with Your Two-Year Old
Three Franchise Changes in Sports (and 3 that should)
In Sports, as In Life, Nothing Ever Seems to Stay the Same
The Power of Great Questions
How Much Thought Are You Giving to the Questions You Ask?