Business Owner’s Policy

What does a business owner’s policy cover?

Business owner’s policies combine protection from all major property and liability risks in one package. Packages can be customized to meet the unique risk levels of each business.

What does a BOP package include?

BOPs have all typical coverages a business owner would need, including:

Property insurance for buildings and the content within owned by the business
Business interruption insurance
Liability protection

Property insurance has two options — standard and special — the latter of which provides a more comprehensive coverage.
Business interruption insurance covers the loss of income should anything disrupt the operation of your business. It can also cover expenses should you choose to temporarily operate in a different location. Liability protection covers your business in case of lawsuit from anything you and your employees do that causes bodily harm or property damage due to product flaws and the like. This does not include malpractice or intentional harm or damage, however.

Do I need a business owner’s policy?

You should seriously consider getting a BOP if:

Your business has a physical location
You think you could be sued
Your business has assets that could be stolen or damaged

Sounds like every business, right? Well, yeah. A BOP is a smart investment and simplifies your coverage.
Without a proper policy you could be looking out large out-of-pocket fees to cover customer medical expenses, theft, legal expenses, and more.

Data Breach Coverage

This is an additional coverage available for a BOP that is often recommended in this day and age. Any business that handles or stores customer, patient, or employee information can have its data breached. When this information is lost or stolen, you are liable and subject to lawsuit.

Data Breach Coverage can help pay for:

Notifying affected individuals
Credit monitored services
Public relations

Additional coverage can include benefits for:

Defense and settlement costs
Lost income and extra expenses to keep your business afloat during temporarily closed or slow operations due to a covered data breach
Extortion expenses and ransom payments during a threat of data breach

How to get a BOP

Business owner’s policies are a necessity. You also need to make sure you and your business are properly covered because one or two large incidents could completely wipe out your business and personal assets. To receive a free consultation with a Young Insurance Group agent, give us a call or submit our form below.