Business Owners Insurance Policy (BOP)
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As a business owner, you carry much more risk than facing liability lawsuits for property damages or physical harm. Your company owns many valuable assets that can be damaged or destroyed beyond repair at almost any given time. Simple weather events have been known to take companies by surprise by taking away part of the company’s buildings or causing damage to other important items such as your computers or inventory. If your retail inventory is damaged or your manufacturing facility is deemed unusable until repairs are made, you’ll find yourself facing many consequences that you may not be prepared to handle alone. Temporary business space may need to be secured, inventory replenished or large contracts rescheduled among other things.
A business owners policy (BOP) creates a more comprehensive level of protection than simple general liability. This insurance actually includes general liability coverage while also affording you many additional levels of protective benefits related to your physical business assets. This is an excellent coverage policy choice for businesses large and small, because it allows you to customize it to meet your given needs.
There are a variety of different types of benefits you may be interested in adding to your business owners policy:
General liability (GL) insurance is included as part of your overall business owners policy. GL is the section of coverage that protects you legally and financially when you’re accused of causing bodily harm or causing a customer’s personal property to be damaged. General liability is also your go to coverage for accusations of wrong doing in your marketing messages, or for legal suits alleging slander, libel, copyright violations and similar types of harm that is classified as personal.
A business owners policy provides protective benefits to the physical buildings and structures that your company owns. When unexpected, covered events happen that cause damage to your business buildings, a BOP can pay for the cost of repairs or pay to have the structures replaced when applicable. This section of your policy applies the same benefits to permanent improvements or additions you’ve made to your business structures and buildings as well.
Personal property coverage in a business owners policy, refers to contents inside your company’s buildings and structures. When catastrophe strikes severely enough to damage your buildings, there is likely to be destruction or damage to the property you have inside those buildings. Your computers are in the office building for example, or your retail inventory is on the shelves of your store. Your company may have furniture in a customer waiting room or special decorations on the walls. All of these internal assets are afforded the same types of repair and replacement benefits through your business owners policy.
When you lose access to or the use of important business buildings and personal property, it tends to generate many additional expenses for your company. Unfortunately it can also cause you to lose income if you’re unable to continue normal sales volumes or service contracts. A business owners policy can be configured to shelter you from these financial losses, by replacing the income that was lost due to covered damages. It can also cover the added expenses you may find yourself faced with, such as when you must lease temporary workspace until yours is ready to use again.
Whether your employee is merely accused of acting dishonestly or did so actually, your company is at risk of lawsuits and related financial losses. A BOP can help with actual or alleged events such as theft and fraud.
Equipment breakdown coverage can be added to your business owners policy to ensure that your company won’t have to stop work for an extended period of time when mechanical failures arise.
Be it a power surge or computer virus, your business owners policy can provide protection against losses related to computer files and software.
This option provides coverage for companies who have people on staff. It provides protection when employment specific accusations are made against your company, such as harassment, wrongful termination, discrimination, and retaliation.