What’s in a Business Owner’s Policy

What’s in a Business Owner’s Policy

Insurance companies selling business insurance offer policies that combine protection from all major property and liability risks in the package. (They also sell coverages separately.) One package purchased by small and mid-sized businesses is the business owner’s policy (BOP). Package policies are created for business that generally face the same kind of degree and risk. Larger companies might purchase a commercial package policy or customize their policies to meet the special risks they face.

BOPs Include:

  1. Property insurance for buildings and contents owned by the company – there are two different forms, standard and special, which provides more comprehensive coverage.
  2. Business interruption insurance, which covers the loss of income resulting from a fire or other catastrophe that disrupts the operation of the business. It can also include the extra expense of operating out of a temporary location.
  3. Liability protection, which covers your company’s legal responsibility for the harm it may cause to others. This harm is a result of things that you and your employees do or fail to do in your business operations that may cause bodily injury or property damage due to defective products, faulty installations, and errors in services provided.

BOPs do NOT cover professional liability, auto insurance, worker’s compensation or health and disability insurance. You’ll need separate insurance policies to cover professional services, vehicles and your employees.

COVID-19

The COVID 19 virus has certainly changed our lives for the short term both at home and at work. Our office is working in compliance with state and local officials and their request to minimize contact with others for the short term so that we can shorten the life of this virus.
As such, our offices will be available by phone or by e mail 8-5 Monday thru Friday. If you need to make an appointment to come by, please call us before you drop by, so we can reduce risk, and take care of our staff and just be safe.
Please don’t hesitate to call us and if for some reason you can’t reach us, please look at our website for carrier contact information. Thank You for your continued business.